Euro gains after nomination of new Italy PM

TOKYO: The euro climbed against the dollar in Asia on Monday after former EU commissioner Mario Monti was nominated as new prime minister of Italy, raising hopes of progress in the debt-wracked continent.

The euro stood at $1.3769 in Tokyo trade, up from $1.3739 in New York late Friday. The European common unit also firmed to 106.29 yen from 105.97 yen.

The dollar was flat at 77.17 yen compared to 77.12 yen.

Former EU commissioner Mario Monti was nominated Sunday to replace Silvio Berlusconi as head of a new technocratic cabinet in Italy, tasked with battling a crippling crisis in the eurozone's third largest economy.

The exact composition of the cabinet is set to be unveiled in the coming days ahead of a confidence vote in parliament that will formally give it power.

Italian lawmakers on Saturday approved a package of economic reforms that Berlusconi set as the precondition for his resignation amid global market turmoil. (AFP)