incorporates SNAP LEAD EURO BANKERS The first significant trading in the euro - the new unified European currency - started in Australia after the New Year holiday, with the euro slightly stronger than the reference rate given by European Union officials in Brussels on Thursday.

The euro was quoted at one dollar seventeen point four two as trading began in Sydney.

More serious trading will get under way in several hours time, when the Tokyo financial markets open, butthe main focus of attention will be the start of trading on European markets on Monday.

The biggest deals will be in London, although Britain is not a member of the euro zone.

The BBC business correspondent says there's no doubt that both professional investors and central banks will want to hold substantial amounts of the new currency.