Euro Up To $1.4755 In European Morning Trade

FRANKFURT (AP) — The euro was higher against the dollar Monday as investors looked to economic data and earnings reports for signs that the global economy is recovering.

The 16-nation euro bought $1.4755 in European morning trade, up from the $1.4730 in late New York trading Friday.

The British pound fell to $1.6372 compared with $1.6447, while the dollar rose to buy 90.16 Japanese yen from 89.98 yen late Friday in New York.

On Friday, the U.S. Commerce Department said consumer spending dropped 0.5 percent in September, while personal incomes, which power future spending, were unchanged.

Consumer spending accounts for about 70 percent of the U.S. economy. Even though the government said Thursday that U.S. economic activity grew 3.5 percent in the third quarter, worries remain for future growth amid rising unemployment.

Investors tend to sell the dollar in favor of riskier, higher-yielding currencies and stocks when strong economic reports, corporate earnings or other developments imply the economy is improving. Data or events that signal economic weakness tend to benefit the dollar.

"All in all, we expect the euro versus the dollar to trade mostly between $1.4650 and $1.4950 in the coming days," UniCredit said in a research note Monday.