The euro started off on a dull note against the dollar as there was doubt about the bailout of Greece damped demand for European Assets. The euro also fell very badly against the swiss franc when French and German leaders said: "any aid package for Gree would require help from the International Monetary Fund, undermining confidence in the European Union."
Tsutomu Soma, a bond and currency dealer in Tokyo at Okasan Securities Co said: “It looks like the eurozone can’t resolve the Greek crisis by themselves so they are going to the IMF for help. This casts some doubt over the strength of the European Union. The bias is to sell the euro.”
The euro fell as low as 1.4233 francs. The euro dropped to $1.3456. The euro declined to 121.62 yen. The dollar traded at 90.64 yen.