RTTNews - The euro rebounded against its lower-yielding counterparts on Monday in New York as improved global stocks boosted risk appetite. The single currency continued to slide versus the pound.
The euro climbed off of a 10-day low against the U.S. dollar, rising to around the 1.3500 mark. In overnight moves, the single currency fell as low as 1.3422 after falling off of a seven-week high of 1.3721.
The common currency turned higher against the Japanese yen after hitting its lowest level in nearly three weeks at 126.96. The currencies moved near 129.20 in late morning deals.
Monday, a report from Japan's Cabinet Office showed that the consumer confidence indicator rose to 33.2 in April from 29.6 in the previous month. Economists had expected the index to rise to 31.
The European currency continued to trend lower against the British pound and reached an 11-day low of 0.8806. The euro has been moving to the downside for about a week.
In economic news, sellers in the UK pushed up asking prices by 2.4% month-on-month in May to GBP 227,441 from GBP 222,077 in April, property website Rightmove said.
Data released by the Eurostat showed that euro area's unadjusted trade balance rose to a surplus of EUR 0.4 billion in March from a revised EUR 1 billion deficit in February and from EUR 2.3 billion shortfall in March 2008. Economists had expected a deficit of EUR 0.3 billion.
Meanwhile, International Monetary Fund's first deputy managing director John Lipsky said the global economy will start recovering next year, but the pace will be more gradual than it was in past recessions.
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