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Europe's common currency remained little changed at $1.3154 this morning in London, leaving it poised for a weekly fall of 0.5 per cent, reports Bloomberg.
The yen approached a post-war record high amid speculation the Japanese government will step in to devalue the currency.
"There is no incentive for Greek creditors to voluntarily agree on a debt writedown, so concluding the negotiations will be difficult," said Daisuke Karakama, a market economist in Tokyo at Mizuho Corporate Bank.
He added that the euro has clearly been overvalued in recent trading and expressed the opinion that it would fall further in recent weeks.
European shares and the 17-nation currency endured uncertain markets yesterday as markets looked for a resolution to the region's debt problems.
Posted by Greg Secker
