LONDON, Aug 20: The euro was steady against the dollar and slightly up against the yen on Monday, having slipped off earlier highs as a recovery in European equity markets appeared to stall, traders said.

In late European trade, the euro stood at $1.3473, barely changed from its $1.3472-level in New York late on Friday.

The euro rose to 154.53 yen from 154.05 on Friday.

The euro had posted early gains against the dollar, boosted by the twin impact of strong demand for European stocks and expectations that the US Federal Reserve could slash rates to help stem the impact of a US home loan crisis.

The euro did, however, extend Friday’s rebound against the yen seen after the Fed cut its discount rate to ease liquidity in the banking system amid fears of a credit crunch.—AFP