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Euro rises slightly on dollar to $1.2592

Euro rises slightly on dollar to $1.2592

The euro rose slightly on the dollar Monday even as investors awaited a decline in a key report measuring business confidence in Germany.
The 15-nation euro bought $1.2592 in early European trading, up from the $1.2587 late Friday in New York.
The Ifo Institute's report, due out later Monday, gauges the sentiment of businesses in Europe's biggest economy. Last month, the index slid to a five-year low of 90.2 points on fears of a global recession.
Germany has since tipped into recession along with several other European countries.
UniCredit analyst Andreas Rees said this month's survey, being released later Monday, is likely to fall to 88 points given "the further weakening of the global economy" and pressure on the auto industry.
James Hughes, a currency analyst at CMC Markets, said although the dollar has fallen a bit, there aren't many better investments out there.
"The dollar has come under a degree of pressure in the first few hours of trade but any question as to whether this will undermine the greenback has to be put in context of the currency's safe haven status and the fact that there are arguably few better alternatives out there right now," he said.
In other currencies, the British pound bought $1.4911 Monday compared with from $1.4908, while the dollar bought 95.20 Japanese yen from the 95.84 yen a dollar bought late Friday in New York.