The euro is rising slightly against the dollar after hitting a two-year low last week.

The euro rose to $1.2307 from $1.2271 in afternoon trading Monday. It fell as low as $1.2258 on Friday.
European Union finance ministers are meeting Monday and Tuesday in Brussels to discuss Spain's banking crisis. Despite today's slight rise, currency analysts expect the euro to fall more against the dollar if Europe's debt crisis escalates.

Borrowing rates in Spain jumped above 7 percent Monday, a sign that investors are concerned about the country's finances.

The British pound rose $1.5516 from $1.5475. The dollar was flat at 79.65 Japanese yen.

finance.yahoo