The dollar nudged higher against the euro on Monday after data showed Spain's economy fell into recession and as ratings agency Standard & Poor's downgraded Spanish banks.

The euro traded at $1.3242 from $1.3251 late Friday. Over the month of April the single currency dropped 0.8% against the greenback.

The dollar index, which measures the US unit against a basket of six other currencies, fetched around 78.779 compared to 78.733 the previous session. For the month, the dollar index fell 0.3%.

Fresh concern about the euro zone was triggered by data that showed Spain's economy contracted 0.3% in the first quarter, the second quarter of contraction. Gloom was spread further when S&P downgraded 16 Spanish banks

The dollar was weaker against the Japanese yen on Monday at ¥79.82 compared to ¥80.38 on Friday after more easing from the Bank of Japan. Meanwhile the euro changed hands at ¥105.71 from ¥106.52.

The pound fell to $1.6233 from $1.6265 after it hit its highest level against the dollar in eight months. The euro fell to a 22-month low of 81.23p amid Spain's downgrade and data showing the nation had fallen into recession.




CJ

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