RTRS : Dollar pares gains vs euro after Empire State index
NEW YORK, Aug 17 (Reuters) - The dollar pared gains against the euro on Monday after data showed New York state factory activity rose by much more than expected, bolstering hopes that the U.S. economy is recovering.
The dollar gained overnight against the euro after global stocks fell. Investors who were worried markets were growing too optimistic about a near-term recovery bought the U.S. currency as a safe haven.
After the surge in the New York Federal Reserve's Empire State index, the euro recovered from some of its earlier losses. It was last down about 0.7 percent at $1.4077 EUR= compared with about $1.4060 before the data. The dollar pared losses against the yen to trade at 94.65 yen JPY= from about 94.50 yen. (Editing by Theodore d'Afflisio)
