Euro slips ahead of finance ministers' meeting

TOKYO: The euro slipped against the dollar and yen in Asia on Monday as the market awaited a meeting of eurozone finance ministers on a strategy to tackle the region's debt crisis.

The euro bought $1.2894 and 99.26 yen in Tokyo morning trade, down from $1.2933 and 99.61 yen in New York late Friday. The dollar was flat, trading at 76.98 yen.

The euro is likely to remain prone to downward pressure as investors watch for any developments in talks on Greek debt as well as a European finance ministers' meeting later Monday, said a senior dealer at a major bank in Tokyo.

"There will be sharp euro-selling if the negotiations break down," he told Dow Jones Newswires.

The market is likely to be relatively quiet during Asian trading hours with many regional markets closed for the Lunar New Year holiday, he added. (AFP)