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Euro drops in Asia trade

The euro edged down against the dollar in Tokyo, weighed down by uncertainty over the Greek debt crisis heading into a crunch EU summit this week, dealers said.

The euro fell to 1.3551 dollars in Tokyo morning trade from 1.3560 dollars in New York late Monday. Against the yen, it rose to 122.38 from 122.24 yen. The dollar changed hands at 90.32 yen, up from 90.09 yen.

"Thanks to short-covering, the euro had moderately recovered from the recent fall, but it is still under selling pressure," said Daisuke Karakama, an economist at Mizuho Corporate Bank.

 

In New York, the euro had fallen to 1.3496 dollars -- its lowest level since the start of March -- as European Union leaders came under pressure to resolve the Greek crisis at their two-day summit in Brussels starting Thursday.

The EU's Spanish presidency said on Monday it would push the bloc to agree on financial aid for Greece at this week's summit, despite reservations from Germany, Europe's biggest economy. Greece itself has said it may be forced to turn to the International Monetary Fund for help.

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