Euro up in Asia ahead of finance ministers' meeting

TOKYO: The euro rose against the dollar and yen in Asian trade on Monday as traders looked to a eurozone finance ministers' meeting later in the day after Greek lawmakers approved a new austerity budget.

The single currency bought $1.2721 in Tokyo trade, up from $1.2709 in New York late Friday and snapping a three-session losing streak, while it also edged to 101.10 yen from 100.99 in US trade.

The dollar was flat at 79.47 yen, as investors keep a close eye on a simmering battle in Washington over the "fiscal cliff".

Athens agreed a slashed 2013 budget that the government vowed will secure the release of foreign aid vital to save debt-ridden Greece from insolvency.

Attention now turns to a eurozone finance ministers' meeting later Monday to see whether the new measures are enough to release the much-needed 31.5 billion euros that will help Greece avoid bankruptcy.

"Since the market has already priced in negative factors over the euro, it may recover somewhat after the meeting," a senior dealer at a Japanese bank told Dow Jones Newswires.

The yen was almost unmoved against the dollar after data Monday showed Japan's economy contracted 0.9 percent between July and September from the previous three months, reversing two earlier quarters of growth.