The Euro shifted away from the month high of the earlier session versus the dollar in Wednesday’s early Asian trading as the relief of investors about a fresh debt mark for Greece seemed to unease about the approaching financial crisis of US.

The United States Congress moved toward Tuesday’s compromise on an agreement to avoid the financial cliff of spending cuts and tax hikes, due to be effective next year; however, a deal still seemed elusive inspite of increasing stress from business interests for action.

International lenders consented on a strategy to slash Greek debt, which will let Greece to secure more fiscal assistance and avert a disordered default, while skepticism in the market increased over lack of info on how Greece will put into action the reformed necessary to meet the fresh targets.

On Wednesday, Barclays’ strategists stated in a client note that in Europe the mess through approach may intensify the result of the US financial cliff talks.

They told that if they go properly, the aid on peripheral properties may have legs, which also includes the euro. If this does not go well, France may also be affected by an unsure market and they anticipate the euro to suffer, according to them.

The Euro had been on the rise versus the dollar after the previous week, as the hopes of investors increased that an agreement on Greece would be arrived at, and that the policymakers of the United States would advance on addressing the financial deadlock. On Tuesday, the single currency climbed as to a peak $1.3010 on the EBS trading platform, which is its maximum level after late October.

In Asia, the euro (EUR=X 1.2929) declined to $1.2938 by around 0.1%, with support mentioned at its 55-day moving average, presently at $1.2918, and also at 38.2% Fibonacci retracement of its latest rally at $1.2877.

The European unit (EURJPY=X) also declined to 106.20 yen by almost 0.1%, shifting away from a 7-month high of 107.135 yen fixed on Monday.

The dollar (JPY=X 81.78) inched down to 82.08 yen by almost 0.1%, shifting away from a 7½ month high of 82.84 yen set previous Thursday.

The yen lost almost 4% over the previous 2 weeks and few market participants deem this indicates a long-term trend as the investors have started pricing in a probable game-changing move in financial policy after the December 16th election of Japan as the possible winner favors violent easing.