The euro edged up against the dollar on Monday, recovering slightly from recent losses, but continued to hover close to seven-month lows, dented by concerns over the fiscal health of some euro zone countries.

The dollar steadied but stayed close to a six-month high versus a currency basket after Friday's stronger-than-forecast gross domestic product data suggested the United States is recovering faster than the euro zone and Japan.

The higher-yielding Australian dollar fell to its lowest since mid-December versus the dollar and the yen as investors unwound yen-funded carry trades on a report citing a British regulator saying such trades were "economically valueless". >>