08 Mar '11, 11pm

US dollar recovers as oil prices ease

NEW YORK: The US dollar recovered slightly against other major currencies on Tuesday as high oil prices eased and investors fretted about the eurozone debt crisis ahead of a European Union summit. The euro fetched $1.3905 around 2200 GMT, down from $1.3971 at the same time on Monday. The dollar also gained ground against the Japanese currency, rising to 82.64 yen from 82.25 late Monday. The dollar showed resilience after falling to a four-month low against the euro on Friday. The greenback's rise stemmed in part from a "technical correction" and also from a "reminder that the eurozone's debt crisis is not yet resolved," Brown Brothers Harriman analysts said in a client note. After moving from $1.37 to $1.40 last week, the European common currency hit a four-month high of $1.4037 Monday amid positive expectations of a rate hike by the European Central Bank as early as April...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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