Euro slides to 2-year low on Greek election fear

The dollar gained ground on the euro and the Japanese yen Monday, with the European single currency trading at a two-year low as Greece prepares for snap elections on a tide of voter resentment against the terms of the country’s international bailout.

The euro EURUSD, -0.12%  fell 0.4% to trade at $1.2153, its lowest level since August 2012. Greek assets sold off after the country’s government failed to win support from lawmakers for its presidential candidate, triggering snap elections that are set for Jan. 25.

Versus the Japanese yen, the dollar USDJPY, -0.16%  was at ¥120.63, up from ¥120.38 late Friday in New York.

Uchida sees the dollar moving in a ¥119-¥121 range, he said.

The WSJ Dollar Index BUXX, +0.01% a measure of the dollar against a basket of major currencies, fell 2 basis points to 83.04. The ICE dollar index DXY, +0.05%  , a measure of the U.S. currency against a basket of six major rivals, rose 0.2% TO 90.207.