Euro Up Against The Dollar at $1.4057

Euro up against the dollar at $1.4057 on strong German consumer news


The euro recovered some ground against the dollar Monday after a German survey showed consumer confidence is stabilizing in the European Union's largest economy.
The 15-nation currency bought $1.4057, up from the $1.3887 it had plummeted to late Friday in New York. That followed a volatile week that saw the euro reach its highest point against the dollar since September at $1.4719 early Thursday morning.

A survey by the GfK research group said its forward-looking consumer climate index for Jan. 2009 stood at 2.1 points -- flat against a revised 2.1 points in December and an indication that lower inflation is offsetting Germans' fear of unemployment despite the nation's descent into recession. Falls in consumer prices and energy costs helped preserve a willingness to buy, the survey showed.
The British pound edged up to $1.4882 from $1.4859 late Friday while the dollar fell to 84.67 Japanese yen from 89.45 on Friday.

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