Euro heads higher against dollar to $1.4268 in European trading 
The dollar dropped against the euro and the pound on Monday amid fears that upcoming reports on U.S. manufacturing and housing would be bleak.
In morning European trading Monday, the 15-nation euro rose to $1.4237 after closing at $1.4067 in New York late Friday.
The British pound also gained ground, rising to $1.4744 in Monday trading compared with the $1.4677 it bought late Friday in New York.
The dollar's slide comes amid rising oil prices, sparked by fears of supply disruptions because of renewed fighting between Israel and Hamas. An expansion of Israel's air assault on Gaza's Hamas rulers Sunday helped push oil prices above $39 in Asian trading Monday.
Later this week, reports on U.S. home prices and manufacturing are expected to shed more light on the U.S. recession, analysts said.
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