Euro stays firm ahead of debt crisis meeting

TOKYO: The euro resisted falls against the dollar in Asia Tuesday amid hopes that a eurozone finance ministers meeting later in the day will pave the way for a plan to contain the bloc's sovereign debt crisis.

The euro bought $1.3313 in Tokyo morning trade, compared with $1.3318 in New York late Monday. The common currency rose to 104.11 yen from 103.83 yen.

The unit was buoyed by optimism over the meeting, but the talks alone were unlikely to produce concrete results, said Barclays Capital chief currency strategist Masafumi Yamamoto.

"There is a high chance that the current market optimism towards the meeting will turn to disappointment soon," he told Dow Jones Newswires.

Yamamoto added that investors would keep an eye on surging borrowing costs in Europe after Italy and Belgium were forced to pay higher interest rates at bond sales Monday.

The dollar firmed to 78.20 yen from 77.97 yen, with the greenback briefly rising to 78.28 yen, its highest level since November 4. (AFP)