Euro, Asian stocks edge up on bargain buying
The euro edged up Tuesday and Asian markets rose on bargain hunting after hitting earlier lows due to news that a eurozone crisis meeting failed to reach a deal on a trillion-dollar rescue fund.
Eyes had been on Brussels where finance ministers of the 16 euro member states are trying to agree funding arrangements for the bailout for struggling economies, which many fear may not be enough to prevent a financial meltdown.
However, despite seven-hour negotiations on Monday they had still not finalised an agreement and said they would reconvene on Friday.
The news weighed on the euro in the morning but it rose in early London trade to 1.2400 dollars from 1.2394 in New York late Monday where it had slightly rebounded from its four-year low of 1.2234.
However, dealers said the European unit remained under pressure.
"The market simply doesn't want to buy the euro. Confidence on the euro will not be restored" until the fiscal crisis in Greece and other countries is resolved, said Credit Suisse strategist Satoru Ogasawara.
May 18, 2010
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