Euro Recovers A Touch

The yen trod water against the dollar and euro on Monday after rising sharply last week, as dealers mulled the implications of strong Japanese economic data on the one hand and weak Tokyo shares on the other. The dollar stood at 106.99/09 yen as of 0552 GMT against 106.98 yen in late US trading on Friday. The euro stood at $0.8973/78 against $0.8972 in late US trading.

Meanwhile, the euro was grinding higher against other major currencies on Monday, up from record lows it set against the yen and tested against the dollar in its previous trading session. By 0730 GMT the euro was hovering around $0.90 against its record low of $0.8944 it hit earlier this month and tested in US trade on Friday.