Early trade in New York: Euro up against dollar

The euro rose against the dollar on Tuesday on buying by sovereign funds and strong German economic data but doubts Europe can boost a rescue fund to head off debt problems may prevent further gains. After surging more than 1 percent, the euro pared gains against the dollar and traded at the New York session low, the single currency pressured by lack of progress at the two-day European debt summit.
The euro was last at $1.3370 on electronic trading platform EBS after falling to the New York low of $1.3365, more than a cent from the global session peak of $1.3467. The euro's gains helped push the dollar to its weakest in eight weeks against a basket of currencies at 78.686. It last traded at 79.061.