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The euro retreated from its daily highs versus its lower-yielding rivals as U.S. stocks gave back early gains, reducing risk appeal. Investors also considered an assortment of economic reports from the U.S. and Europe.
Eurozone manufacturing industry expanded for the first time in 17 months in October, strengthening expectations that the 16-nation economy recovered from the worst recession.
The euro was slightly higher versus the dollar, moving near 1.4780. The European currency had tested $1.47 in overnight trading before later rising to 1.4826.
In the U.S., the Institute for Supply Management manufacturing index rose to 55.7 in October from 52.6 in September, with a reading above 50 indicating growth in the sector. Economists had been expecting a more modest increase by the index to a reading of 53.0.
The euro climbed above 0.9045 against the British pound, reaching a five-day high. The pair had been in a range late last week.
In the UK, the purchasing manager's index rose to 53.7 from a revised 49.9 in September, the highest since November 2007, and the third highest in the history of the series. A reading above 50 indicates expansion, while a reading below 50 signals a contraction.
The euro rose toward 134.50 against the yen before backing down to 133.25 in the early afternoon.
In Japan, total cash earnings in establishments with five or more employees dropped 1.6% year-on-year to JPY 266,364 in September, compared to the 2.7% fall recorded in the previous month. A year ago, wages were down 0.5%. The month of June witnessed the biggest fall of 7% during the period.
In the Eurozone, the purchasing managers' index for the region's manufacturing sector rose to 50.7 in October from 49.3 in September, survey data released by Markit Economics showed Monday. That was unchanged from the flash estimate released on October 23 and was the highest reading since May 2008. A PMI reading above 50 suggests expansion in the sector.
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