* Euro's gains seen limited ahead of EU finance ministers'
* U.S. "fiscal cliff" continues to weigh on greenback
* Japan GDP likely to show contraction
By Lisa Twaronite
TOKYO, Nov 12 The euro held above a two-month
low in early Asian trading on Monday after Greece's ruling
coalition secured enough votes in parliament on Sunday to
approve the 2013 budget law, but its gains were seen limited
ahead of a meeting by euro zone finance ministers later in the
Deputies allied to Greece's three-party government approved
the budget with a comfortable majority of parliament's 300
Euro zone finance ministers will meet in Brussels later in
the session to discuss whether to release a new tranche of
funding for the debt-plagued country. German Finance Minister
Wolfgang Schaeuble told a German newspaper on Sunday that the
troika of international lenders to Athens was unlikely to
deliver its full report in time for Monday's meeting.
The euro was likely to remain under pressure as investors
hedged some of the risks associated with the Nov. 16 Greece
funding deadline, Richard Hastings, macro strategist at Global
Hunter Securities, said in emailed comments.
"But we should emphasize that when it comes to distressed
finance, deadlines are not as hard as they seem, and deals are
surprisingly spontaneous at any moment," Hastings added.
The euro was changing hands at $1.2733, up about 0.2
percent from late North American levels on Friday, when it fell
as low as $1.2690 on the EBS trading platform. That was its
lowest since Sept. 7
Against the yen, it last stood at 101.16 yen, up
0.1 percent and moving away from a one-month low of 100.43 yen
hit on Friday.
The dollar bought 79.45 yen, down slightly from late
North American levels on Friday, when it fell as low as 79.07
yen, its lowest since Oct. 18.
The greenback sagged under concerns about the so-called
fiscal cliff of about $600 billion in expiring tax cuts and
spending reductions due to take effect in January, unless the
government can reach a deal to curb the deficit.
U.S. President Barack Obama said on Friday he was prepared
to compromise with Republicans to avert the fiscal cliff, but he
insisted any plan include higher taxes for high earners.
Investors awaited Japan's gross domestic product report for
the July-September quarter, which is expected to show a drop 0f
0.9 percent from the previous quarter for a 3.4 percent
Japan's Cabinet Office was scheduled to release the GDP
report at 0850 JST (2350 GMT Sunday).
The Australian dollar was up about 0.1 percent at 1.0396
, but still well shy of Wednesday's 1 1/2-month high of