Euro hovers close to one-year low against dollar

TOKYO, Dec 14 (AFP): The euro moved towards a one-year low against the dollar in Asian trade today, amid doubts over Europe's ability to contain its sovereign debt crisis. The unit, which fell below $1.31 in New York late Tuesday for the first time since January, bought $1.3031 in Tokyo afternoon trade. That was slightly higher than $1.3006 on Tuesday before the unit recovered to $1.3033 in New York. The euro was slightly weaker against the Japanese currency at 101.58 yen, while the dollar was flat, trading at 77.95 yen against 78.00 yen in New York. Traders said the euro looked set to slide further as there is no quick fix for the continent's debt woes. "It's a matter of time" before the euro falls through the $1.3000 mark, said Dai Sato, senior vice president of the foreign exchange division at Mizuho Corporate Bank. "The question is how much further down will the euro go," he said. Sato added that the next target could be around $1.2860, the lowest level set in January this year.