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FOREX-Euro rises to session highs versus dollar

Fri Sep 12, 2008 11:38am EDT

NEW YORK, Sept 12 (Reuters) - The euro raced to session highs against the dollar on Friday as a rebound in U.S. equities saw the European single currency post gains versus the yen.

Currencies  |  Global Markets

The euro rose to session high of $1.4202 EUR=. It was last up 1.1 percent at $1.4175. Against the yen, the euro rose 1.4 percent to 152.44 yen EURJPY=, after scaling an intraday peak of 152.94 yen.

Stocks on Wall Street turned positive, erasing earlier losses, as higher oil prices boosted energy shares and financial stocks rebounded even as shares of Lehman Brothers LEH.N remained lower.

"It's just people taking off risk ahead of the weekend. People were short euros so they're trying to take some of that off the table," said Matt Kassel, director of foreign exchange trading at ING Capital Markets in New York.

(Reporting by Lucia Mutikani and Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama)

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