Dollar regains footing as euro pulls back below $1.26

"Although market sentiment was universally euro-bearish in early June, opinion has clearly shifted in the past month," said Gareth Berry, currency strategist at UBS.

The euro has rebounded from a four-year low -- $1.1877 on June 7 -- and touched $1.27 last week, buoyed as worries about Europe's banking system faded, Berry said.

The single currency /quotes/comstock/21o!x:seurusd (CUR_EURUSD 1.2577, -0.0062, -0.4906%) fell to $1.2560 from $1.2644 in late North American trading on Friday.

The dollar index /quotes/comstock/11j!i:dxy0 (DXY 84.26, +0.31, +0.37%) , which tracks the performance of the U.S. unit against a basket of six major currencies, rose to 84.367 from 83.959.

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- Posted: 2010-07-12 09:44:12

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