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Thursday April 8, 2010 - 10:36:53 GMT
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FOREX NEWS - Euro falls on Greece; yen up on yuan revaluation talk

6:32am EDT

* Euro stuck at 2-week low vs dollar, 2010 low beckons

* Yen gains as yuan revaluation speculation grows

* Greek/German 10-year yield spread at euro-lifetime high

* ECB eyed for details on new collateral rules

(Updates prices, adds quotes)

By Jessica Mortimer

LONDON, April 8 (Reuters) - The euro fell on Thursday, grinding closer to this year's low against the dollar on growing doubts about Greece's ability to manage its debt crisis, while speculation about possible yuan revaluation boosted the yen.

Increasing scepticism among investors drove Greek yield spreads higher, taking the spread over 10-year German Bunds to its widest in the lifetime of the euro. <GVD/EUR>

Investors awaited a European Central Bank policy decision followed by a news conference at 1230 GMT, with the central bank expected to ease the financial squeeze on Greece by fleshing out easier lending terms into 2011. [ID:nLDE6350JT]

The yen strengthened after the New York Times reported that China is very close to announcing a shift in its currency policy involving a "small but immediate" revaluation of the yuan, which rose to its highest since October. [ID:nTOE63707P]

"Greece ... is sharply hurting the euro and ... speculation about possible renminbi revaluation ... is providing a relief to the Japanese yen," said Roberto Mialich, currency strategist at Unicredit in Milan.

At 1011 GMT, the euro <EUR=> was down 0.2 percent at $1.3308, having hit a two-week low around $1.3282. This took it closer to its 2010 trough of $1.3267 recorded in March on trading platform EBS, which was also its lowest since May last year.

Traders said loss-cutting sell orders are likely below $1.3267 and they expect small support around $1.3200 and $1.3100.

The euro fell 0.4 percent against the yen <EURJPY=R> to hit a two-week low of 123.45 yen and touched a seven-week low against sterling <EURGBP=D4> of 87.38 pence.

"All the negative issues around Greece are still weighing on the euro, not only against the dollar but against sterling and the yen. Across the board the euro is suffering," said Niels Christensen, currency strategist at Nordea in Copenhagen.


The market was watching for signals on whether China will let the yuan rise as U.S. Treasury Secretary Timothy Geithner headed to Beijing for talks. [ID:nTOE636033]

The yen rose broadly, with the dollar <JPY=> falling as low as 92.86 yen. Gains came as dollar/yuan three-month non-deliverable forwards fell to their lowest since July 2008 and spot yuan <CNY=CFXS> to its highest since October 2009. [ID:nTST000063]

The yen tends to benefit from any yuan appreciation as investors use Asia's most liquid and flexible currency as a proxy for other less flexible currencies in the region.

Concerns that an appreciation in the Chinese currency would weigh on Chinese growth and dampen its demand for commodities weighed on commodity-linked currencies.

The Australian dollar <AUD=D4> fell 0.4 percent to $0.9239, with investors shrugging off earlier data showing 19,600 jobs were added in March and full-time employment strengthened. [ID:nSGE63605Y]

The New Zealand dollar <NZD=D4> fell 0.7 percent against the U.S. dollar.

The U.S. dollar was broadly supported, rising 0.4 percent against a basket of currencies <.DXY> to 81.740.

(Editing by John Stonestreet)

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