Euro eases from peak against dollar in Asian trade

SINGAPORE (AFP) - The euro fell against the dollar in Asian trade Monday on profit-taking after striking an all-time high last week but the dip is seen as brief due to lingering concerns over the US economic outlook, dealers said.

At 9:45 am (0145 GMT), the euro was at 1.3776 dollars, down from 1.3781 in late US trades Friday and its record high of 1.3814 set that day.

The dollar was at 122.06 yen, up from 121.90.

Trade overall was modest with markets in Japan closed Monday for a public holiday.

"In the short-term in the next week or so, it's difficult to fight the trend and the trend is for dollar weakness," said Jan Lambregts, head of Asia research at Rabobank in Hong Kong.

"It's difficult to see what will turn that around," he said.

The euro shot to record high against the dollar against a backdrop of higher eurozone interest rates and concerns over the US economy.

A surprise 0.9 decline in US retail sales last month pressured the dollar further.

"There may be more weaker headlines ahead," said Lambregts. "The next key resistance is around 1.40 (against the euro)."