By TraderVox.com
The euro has dropped for the fourth day against the Japanese currency, making this the longest stretch in six weeks. The euro has dropped against most majors as euro region’s finance ministers prepare to meet in Brussels at 5PM to discuss Greece. The finance ministers will be discussing issues plaguing the region. They are expected to discuss Greece as Prime Minister Antonis Samaras has secured support for austerity measures in parliament.
According to Jeremy Stretch, a foreign exchange strategist in London at Canadian Imperial Bank of Commerce, risk factors in Europe are dominated by Greek issues. As such, there is uncertainty in Europe which is adding pressure on the euro. The pressure on the euro started last week as Greek parliament voted for the 2013 budget. 167 lawmakers voted for the budget while 128 voted against. The Greek parliament has 300-lawmakers in parliament.
After the win, Antonis Samaras, the Greek Prime Minister, said that the country has taken the second decisive step towards achieving the austerity measures proposed. He projected that if Greece can secure the aid, there will be increased recovery and growth.
The 17-nation currency dropped by 0.1 percent against the dollar to trade at $1.2711 at the start of trading in London. The currency had dropped to $1.2690, on Friday last week, the weakest it has been since September 7. Against the Japanese yen, the euro dropped by 0.1 percent to exchange at 101 yen. The single currency had dropped by 2.1 percent against the yen last week. The Japanese currency was little changed against the greenback after reports from Japan showed that the economy contracted in the third quarter.
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