Euro up against US dollar in Asia

SINGAPORE: The euro rose against the dollar in Asia Friday after France's assurance that a bailout deal for Greece would be reached in three days as Spanish bond sales exceeded targets, analysts said.

The euro bought $1.2886 in early Asian trade from $1.2875 in London Thursday. The single currency was also at 106.04 yen from 106.22 yen. The US dollar fetched 82.31 yen from 82.42 yen a day ago.

The euro was boosted by "a Spanish bond auction that raised more than planned while yields edged down", IG Markets said in a report.

"Traders also warmed to the idea that Greece would be given a fresh injection of cash next week," the report added.

The Spanish Treasury sold 3.88 billion euros of three-, five- and nine-year bonds in a standard auction, the central bank said Thursday, while the government said private investors bought 3.27 billion euros in bonds due in 2017.

Demand on the market for the three- to nine-year bonds exceeded the Treasury's target, in a sign of easing tension over debt-saddled Spain's financial strength.

The single currency was also boosted by comments Thursday by French Finance Minister Pierre Moscovici that a deal on Greek debt would be reached on Monday.

"We seem to be poised to fulfill the conditions for a lasting exit from the eurozone crisis," Moscovici told France's Senate after returning from talks in Brussels aimed at unblocking bailout funds for debt-stricken Greece.

He said that although eurozone finance ministers failed to reach a final deal during the talks, "we will as of Monday".