The pair is likely to trade in a tight range today in Asia, with investors focusing on developments on the debt crisis as EU finance ministers hold a meeting today. Greece will face redemption of E5 billion in bonds on Nov. 16. A long-anticipated report on Greece by the so-called Troika — recommended Monday that Athens should be given an additional two years, from 2014 to 2016, to achieve its fiscal objectives. The draft report, obtained by MNI, said that the two-year extension will cost an additional E17.6 billion, though it does not provide details of how the money will be raised. Investors will also wait for the release of German ZEW report on investor confidence for implications for the euro-zone’s economy and the FX markets. Investors will also focus on political developments in Japan following a report that PM Noda will dissolve the lower house before the end of this year. The rate moved from Y79.36 to Y79.61 on Monday.
EasyForexNews Research Team