The euro crawled up against the dollar on Thursday from an eight-month low struck after Dutch voters soundly rejected a new European Union constitution. With around 62 percent turning down the treaty in the Dutch vote, the size of the rejection was seen adding to gloom over a euro currency already hit this year by tepid European growth. But some Tokyo dealers said the euro may have come to the end of its run lower for now. "I believe there is excessive pessimism about the euro," said a trader at a big Japanese bank. "Now that the Dutch vote is out of the way and with the euro falling this far, I wouldn't be surprised to see euro short-covering and liquidation of long dollar positions." The euro has fallen nearly 10 percent against the dollar since mid-March on the possibility of national rejections of the EU charter and due to stagnant economic growth and interest rates in the euro zone. The Netherlands and France, which said "No" to the EU charter last weekend, are two of the six nations that founded the bloc, and their rejection has raised doubts about the prospects for economic reform. By 0252 GMT, the euro bought around $1.2225. That was up around 0.3 percent from the level in late trade in New York, where it fell as far as $1.2158, the lowest mark since mid-September. The dollar was down 0.2 percent at 108.50 yen after rising to a two-month high of 108.87 yen in U.S. trade, just shy of its highest mark in seven and a half months. The U.S. currency had also retreated from a seven-month high hit against sterling and a near-eight-month peak struck versus the Swiss franc on Wednesday. The euro fetched 132.65 yen after falling to a nine-month low of 132.35 yen on Wednesday. It was at 132.47 yen in late U.S. trade. Ahead of the Dutch result, the euro fell after a report that possible failure of the European monetary union, the system that gave birth to the euro, had been discussed at a meeting attended by high-level German financial officials. The report, in Germany's Stern magazine, led the German central bank to issue a statement saying it ruled out the failure of the monetary union.