The euro traded near a seven week low in MAM Platform

The euro traded near a seven week low in MAM Platform

The euro traded near a seven-week low in MAM Platform amid concern a failure to craft a rescue package for Ireland will allow the nation’s banking crisis to spread.

The dollar held near a sixweek high against the yen after Atlanta Federal Reserve President Dennis Lockhart said additional bond purchases by the central bank aren’t intended to weaken the greenback.

The Australian and New Zealand dollars traded near the lowest in more than two weeks versus the U.S. currency as concerns China will take measures to cool inflation and losses in stocks damped demand for higher-yielding assets.

“Attention has shifted from the U.S. to concerns about Europe’s debt issues, which are being used as an excuse to unwind short positions on the dollar,” said Keiji Matsumoto, a currency strategist in Tokyo at Nikko Cordial Securities Inc.

he euro was at $1.3503 as of 11:23 a.m. in Tokyo from $1.3489 in New York yesterday, when it touched $1.3448, the weakest level since Sept. 28. The shared currency was little changed at 112.48 yen after dropping 0.4 percent yesterday.

The greenback traded at 83.31 yen from 83.29 yen. Yesterday, it reached 83.59 yen, the highest level since Oct. 5.

European Union Economic and Monetary Affairs Commissioner Olli Rehn said Ireland’s banking problems are “spilling over to the sovereign.” Ireland is negotiating with the European Union and International Monetary Fund about aid to shore up the state’s finances, furnish capital for the country’s banks and spare it from tapping the bond market for an extended period, a European official said on condition of anonymity.

Austrian Finance Minister Josef Proell said he’s considering withholding his country’s share of the next part of Greece’s 110 billion-euro ($148 billion) rescue, saying the Athens government missed a revenue-raising target.

Greece’s near-default in May triggered Europe’s sovereign-debt crisis. Bonds declined across Europe.