Euro swings higher following Italian shake-up

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Associated Press

Posted on December 10, 2012 at 4:00 PM

Updated Monday, Dec 10 at 5:01 PM

NEW YORK (AP) — The euro is recovering against the dollar following the surprise resignation of Italy's prime minister.

The sudden 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 stepped aside 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.

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