The dollar is rising and the euro is again approaching its lowest level in 20 years
Today, the dollar made up for some of the losses from the data release and rebounded towards its recent peaks, while the euro remained under pressure amid growing fears of a recession fueled by a potential energy supply crisis.
The dollar took a breather after disappointing surveys of the service and manufacturing sectors in the United States revealed on Tuesday, as well as a decline in new home sales.
This comes after a rally that pushed the US currency to its strongest level against the euro in 20 years.
The euro scored one dollar for a brief period on Tuesday, but returned under pressure to $ 0.9950 in early European trade, slightly higher than yesterday's low of $ 0.99005.
The dollar index, which measures the performance of the US currency against a basket of six currencies, rose 0.1 percent to 108.66, approaching a 20-year peak recorded in July at 109.29.
Meanwhile, highly cyclical currencies such as the Australian and New Zealand dollars have come under pressure amid fears of slowing global growth.
The Australian dollar fell 0.15 percent to $0.6920, and its New Zealand counterpart fell 0.23 percent to $0.6199.
The pound hovered above a two-and-a-half-year low of $1.1718 hit on Tuesday, while the Japanese yen rose 0.2 percent to 136.48 per dollar.
Follow our latest local and sports news and the latest political and economic developments via Google news