December 10, 2012 / 2:15 PM / in 5 years

Euro hits session highs vs dollar as Italy yields slip off highs

NEW YORK, Dec 10 (Reuters) - The euro rose to session highs against the dollar on Monday as Italian borrowing costs slipped from a three-week high and bids on safe-haven German bunds eased a bit.

The euro had been under pressure for most of the global session as Italy’s Prime Minister Mario Monti announced he would resign after the budget passes, creating an uncertain political outlook for the euro zone’s third largest economy.

There was no fundamental news that spurred this latest move in the euro and traders said this was likely technical buying more than anything else. A breach of resistance at $1.2940 in the euro prompted more buying.

Italian yields were last at 4.81 percent. They rose as high as 4.83 percent. Meanwhile, German 10-year yields edged up to 1.29 percent.

The euro rose as high as $1.2945. It was last at $1.2934, up 0.1 percent on the day.

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