The yen fell broadly on Monday as further evidence that the global economy may be over the worst of the recession lifted equities and stoked demand for currencies seen as higher risk such as the Australian dollar. However, the euro cut earlier gains against the dollar after European Central Bank Governing Council member Axel Webel forecast the German economy would not return to growth until the second half of 2010 [ID:nL4650126]. This view was echoed by the European Commission, which said Europe's economy will not start recovering until the second half of next year as it slashed its forecasts, although it acknowledged some "positive signals" in recent days.

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