Asian session: The euro fell against the dollar

The euro fell against the dollar, snapping a two-day gain, after European finance ministers failed to agree on a debt-reduction package for Greece during more than 11 hours of talks in Brussels. More work is needed to come up with an agreement on the Greek debt package, International Monetary Fund Managing Director Christine Lagarde said. “We made some good work and we’re closing the gap, but we’re not quite there yet, so it’s progress but we have to do a bit more,” Lagarde said. The shared currency declined against all of its 16 major peers after Luxembourg Finance Minister Luc Frieden said euro- area finance ministers will continue discussions on Nov. 26.

The yen touched a seven-month low after Japan’s exports decreased for a fifth straight month. Japanese exports fell 6.5 percent in October from a year earlier, leaving a trade deficit of 549 billion yen ($6.7 billion), the Ministry of Finance said in Tokyo today. The median estimate of economists surveyed by Bloomberg News was for a 360 billion yen shortfall.

New Zealand’s dollar remained lower after whole-milk powder prices fell, cutting revenue from a key export.

EUR / USD: during the Asian session the pair fell to $ 1.2735.

GBP / USD: during the Asian session the pair fell to $ 1.5900.