Summary Euro recovered against dollar following Italian PM announcement that he will resign by year's end.
The euro recovered against the dollar Monday following Italian Prime Minister Mario Monti s announcement he will resign by year s end.
The departure of Mario Monti struck a blow to Italian stocks and government bonds as investors feared that political uncertainty there could undermine confidence in the euro and Italy s economy. Monti said he would step aside ahead of time after former Prime Minister Silvio Berlusconi s party dropped its support for his government.
By Monday afternoon the euro was moving higher against the dollar. The euro rose to $1.2938 from $1.2926.
The British pound rose to $1.6071 from $1.6036.
In other trading, the dollar fell to 0.9333 Swiss franc from 0.9347 Swiss franc.
The dollar edged down to 82.33 Japanese yen from 82.40 yen and down to 98.71 Canadian cents from 98.99 Canadian cents. It fell to 12.8113 Mexican pesos from 12.8396 pesos.
