The euro recovered against the dollar Monday after hitting a two-month low earlier in the day as Spain's borrowing costs rose.

The yield on Spain's benchmark 10-year government bond jumped above 6 percent Monday for the first time since November. Rising yields are a sign that investors are less confident in the country's finances. Greece, Ireland and Portugal had to seek bailouts after their borrowing costs rose above 7 percent.

Traders are becoming concerned that the country might need a bailout.

Those worries pushed the euro down to $1.2993 early Monday, its lowest point against the dollar since Feb. 16.

But the euro recovered in afternoon trading, rising to $1.3134 late Monday. It was worth $1.3080 late Friday.

In the U.S., the Commerce Department said that retail sales grew a stronger-than-expected 0.8 percent in March from the previous month.

In other trading, the British pound rose to $1.5905 from $1.5854. The dollar fell to 80.49 Japanese yen from 81.10 yen and to 0.9150 Swiss franc from 0.9197 Swiss franc.

The dollar rose to 99.96 Canadian cents from 99.83 Canadian cents.




TOWNHALL MEDIA GROUP