The European Single Currency, euro, on Monday, June 4, clawed back some gains as Italy took steps to
form a new government and as German Chancellor Angela Merkel said over the weekend that Germany favored moves toward a European Monetary Fund.
The single currency was last up 0.5 percent at $1.1720, after rising as high as $1.1737, its highest since May
24, pulling further away from 2018 lows of $1.151 last week.
Euro rises past $1.17 as Italy risks subside, risk sentiment up.
Meanwhile, the United States of America dollar dipped to a two-week low, as the easing of political tensions in Italy lifted the euro and as global trade concerns resurfaced after China warned the United States against tariffs or other protectionist measures.
The Australian dollar surged to its highest since April on an improvement in broader risk sentiment and domestic data showing strong company profits and a rise in retail sales.
The Aussie rose to US$0.7651, on track for its biggest one day-rise since August.
