The euro rose from a recent 14-month low against the dollar today after disappointing US jobs data tempered the US currency’s rally this year.
The euro gained some ground after Luxembourg approved the European Union constitution by a solid majority in a referendum over the weekend.
US employers added just 146,000 new jobs in June, fewer than expected, although the increase was seen enough to let the Federal Reserve extend its year-long credit tightening campaign.
"After the jobs data the dollar is generally drifting lower but it's also driven by profit-taking. The outlook for the dollar is still positive given falling oil prices and the fact that global equities are strong," said Adam Cole, senior currency strategist at Royal Bank of Canada Capital Markets.
"The Luxembourg approval is a small positive for the euro in a sense that politically things are not deteriorating further. But the market thinks the constitution is dead and the worst political news is already in the price.
By early this morning the euro was up a third of a per cent at $1.2006, after hitting a 14-month low of $1.1866 last week.