Euro recovers to trade higher on the day vs dollar

NEW YORK: The euro recovered all its losses against the US dollar on Monday and traded in positive territory as a Financial Times story that Italy was in talks with a Chinese fund to buy Italian bonds reached more investors.

The Financial Times reported that according to Italian officials, Lou Jiwei, chairman of China Investment Corp, led a delegation to Rome last week for talks with Giulio Tremonti, finance minister, and Italy's Cassa Depositi e Prestiti, a state-controlled entity that has established an Italian Strategic Fund open to foreign investors.

The euro was last marginally up from the prior close at $1.3657 on electronic trading platform EBS but well off the session low of $1.34949 touched earlier in the global day. The session peak posted at 1.3695 on EBS.

Copyright Reuters, 2011