The dollar steadied against the euro on Wednesday as investors paused for breath after the greenback had sunk to a three-week low point against the single currency on US debt strains.
In London deals, the European single currency stood at $1.4495 after earlier striking $1.4536, the highest level since July 5. The euro had traded at $1.4509 late in New York on Tuesday.
The dollar on Wednesday meanwhile hit a four-month low versus the Japanese currency, at 77.58 yen. It later stood at 77.69 yen compared with 77.94 yen late on Tuesday.
'The dollar seems to be holding up just about okay... but has been subject to quite a bit of weakness in the past few days,' said Simon Denham of trading group Capital Spreads.
'In the foreign exchange markets it's been the real safe haven currencies that have benefited the most throughout this extra ordinary time for financial markets, with the Swiss Franc being one of the most popular amongst them.
'Against the US dollar it has hit a new high... and the same can be said for the euro and sterling.
'When you think that the Japanese and many other emerging markets have been complaining about the weakness of the US dollar against their currencies, the Swissy is making new all time highs against just about every other currency out there.
Source : New Age
