Euro Turns Higher Against Dollar As Stocks Climb

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The euro recovered its overnight losses against the dollar as higher stocks in the U.S. and Europe boosted risk appeal. The common currency saw little change against the yen and pound.

Traders mulled over data showing Italy's consumer confidence indicator rose to its highest level since December 2006 in September.

The euro saw moderate strength against the dollar, approaching 1.4670 in mid-day trading after falling to a 13-day low of 1.4572 overnight. Last week, the European currency hit a yearly high of 1.4822.

There was no major economic news due on Monday from the U.S., leaving traders to look ahead to key jobs day a later this week.

The euro was little-changed against the pound, moving near 0.9010. The 16-member currency hit a five-month high of 0.9300 last week before drifting lower.

The British economy has turned a corner but households and businesses face a long road to recovery, Bank of England Chief Economist Spencer Dale said in an interview published on Monday.

The euro was slightly higher against the yen, moving near 131.00. The European currency hit a two-month low of 129.78 yesterday.

In economic news in the Eurozone, the ISAE consumer sentiment indicator for Italy climbed to 113.6 in September from 111.8 recorded in August, while economists were expecting a reading of 112.2.

(Market News Provided by RTTNews)