Investing.com - The euro fell in early Asia on Monday as several countries want Greece to immediately pass legislation on reform measures before moving on to a new round of bailout talks and efforts to provide liquidity to cash-starved banks.
The weekend talks, which were supposed to be the final deadline for a deal, on late Sunday were divided on the way forward, according to reports.
EUR/USD traded at 1.1126, down 0.28%, while USD/JPY changed hands at 122.56, down 0.18%. AUD/USD was quoted at 0.7425, down 0.26%.
Ahead in Asia is trade data from China with a $55.70 billion surplus seen for June.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.19% to 96.14.
Last week, the euro rallied against the dollar and the yen on Friday amid renewed optimism that Greece would reach a deal on a new bailout with its creditors, allowing the country to remain on in the euro zone.
Hopes for a breakthrough were boosted after Greece put forward new proposals on budget cuts and economic reforms ahead of a meeting of the euro group of finance ministers on Saturday.
The yen had strengthened broadly earlier in the week as the deteriorating situation in Greece and a rout in Chinese equity markets bolstered safe haven inflows.
In the week ahead, developments in Greece look likely to continue to dominate sentiment and monetary policy statements by the European Central Bank and central banks in Japan and Canada will also be in focus.
On Monday, the eurogroup of euro zone finance ministers are to hold talks on Greece’s bailout in Brussels.
The Bank of England is to publish the results of its quarterly survey on credit conditions.