The euro rose for a second straight day against the dollar on Friday as Italy's approval of austerity measures boosted risk appetite but did little to lift optimism about the single currency. The euro held onto gains after Italy's Senate approved a new budget law on Friday, clearing the way for approval of the package in the lower house on Saturday and the formation of an emergency government to replace one led by Prime Minister Silvio Berlusconi.
In early New York trade, the euro was up 0.6 percent at $1.3684, far above Thursday's one-month low of $1.3484, with traders citing demand from Middle East accounts. But gains were limited by offers above $1.3700. The dollar fell 0.6 percent against the yen to 77.18 yen, the lowest since Japan's massive yen-selling intervention on Oct. 31.
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