Euro recovers from session low

12:28, May 26, 2010      

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The euro recovered much of its losses on Tuesday amid encouraging U.S. consumer confidence data and recovering stocks.

The 16-nation single currency fell sharply in Asian and European trading hours, touching a session low of 1.2178 dollars. It charged back to 1.2332 dollars in late New York trading compared with 1.2378 dollars it bought late Monday.

The Conference Board reported that its U.S. consumer confidence index jumped 5.6 points to 63.3 in May, the highest level since August 2007.

The subindex measuring consumers' attitude to present economic condition rose 2.0 points to 30.2. The expectations index for economic outlook climbed 7.8 points to 85.3, also the highest since August 2007.

In addition, there was a further improvement in perceived labor market conditions, with a higher percentage reporting conditions as good, and a lower percentage reporting that conditions were bad.

U.S. stocks plunged in early trading on Tuesday but rebounded later as investors speculated that U.S. banks would not be forced to sell their derivatives units as part of financial reform.

The pound fell to 1.4397 dollars from 1.4430 dollars on Monday. The dollar rose to 1.0694 Canadian dollars from 1.0599 Canadian dollars, and fell to 1.1570 Swiss francs from 1.1587 Swiss francs. It fell to 90.11 Japanese yen from 90.37 Japanese yen.



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