* Euro gains ahead of Ecofin meeting, EU summit * IMF denies in talks with Italy on financing * Investors wary, focus on debt auctions NEW YORK, Nov 28 (Reuters) - The euro rose from a seven-week low on Monday on hopes of progress on the sovereign debt crisis ahead of a European Union summit next week although investors are sceptical about the likelihood of decisive action. Earlier reports about IMF funding for Italy, since denied by the IMF, initially encouraged investors to unwind bearish positions in the common currency. Signs of life in the U.S. consumer despite poor jobs and housing markets added to risk appetite. U.S. retailers racked up a record $52.4 billion in sales over the Thanksgiving weekend, a 16.4 percent jump from a year ago, an industry trade group said on Sunday.Against the yen, the dollar rose 0.5 percent to 78.08 yen while it lost around 0.9 percent against the Swiss franc to trade at 0.9221 francs . Commodity currencies outperformed the euro, with the Australian dollar jumping more than 2 percent on the day to $0.9916 , having hit a one-week high. The New Zealand dollar was also up more than 2 percent at $0.7545.

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