Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Dollar mixed in quiet trading

By Blake Ellis, staff reporter


NEW YORK (CNNMoney.com) -- The dollar recovered losses versus the euro and rose against the pound, but fell versus the yen in quiet trading Tuesday.

What prices are doing: The dollar gained 0.2% against the euro to $1.36 and rose 0.5% versus the pound to $1.4994. The greenback fell 0.4% against the yen to ¥89.98.

dollar.mkw.gif
Click on the chart to view other currencies.

On Monday, the dollar slipped against the euro after French President Nicolas Sarkozy said Europe is ready to help Greece if needed, boosting investor optimism about the nation's debt crisis. The dollar fell against the pound as well, but edged up versus the yen.

What's moving the market: With a lack of economic data scheduled Tuesday, investors looked to stocks, which tend to move inversely to the U.S. currency. Weaker equities lift the dollar, which is viewed as a safe haven for investors.

Stocks were were choppy but ended higher Tuesday, one year after the Dow ended at a 12-year low of 6,547.05.

What analysts are saying: "The dollar is by default finding some support as risk aversion seems to be the dominant factor today," said Dean Popplewell, a chief currency strategist at Oanda Corp. "People are certainly still worried about the contagion factor in Greece, so it's all about risk aversion and the question of global sustainable growth."

Without economic data to guide sentiment, volume is low as investors await a report on retail sales later in the week, said Popplewell.

Down the road, he expects the dollar will rise as the euro declines on continued economic weakness abroad.

"There were loose comments from the prime minister of Greece saying that this is not a contained situation, so traders are definitely looking for a weaker euro," he said. "It really is a matter of whether Europe will get its act together." To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.62%3.69%
15 yr fixed2.77%2.80%
5/1 ARM3.12%3.07%
30 yr refi3.61%3.69%
15 yr refi2.76%2.83%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 15,973.84 313.66 2.00%
Nasdaq 4,337.51 70.67 1.66%
S&P 500 1,864.78 35.70 1.95%
Treasuries 1.75 0.10 6.33%
Data as of 8:18am ET
Company Price Change % Change
Bank of America Corp... 11.95 0.79 7.08%
General Electric Co 28.26 0.81 2.95%
Cisco Systems Inc 25.11 0.43 1.74%
Chesapeake Energy Co... 1.59 -0.19 -10.67%
Freeport-McMoRan Inc... 5.53 0.64 13.09%
Data as of Feb 12

Sections

Investors need someone they can bring home to mother instead of bad boys (or girls) that may make their heart beat faster. Boring beats bold in this market. Here are 10 dependable stocks we love. Southwest (ticker symbol: LUV) is one. More

Cheap oil and slow global growth may not be the only culprits of the global market turmoil. There's growing concern that central banks are spooking the markets too. More

Eastern Illinois University laid off 198 staff members this week, and the college president is blaming the state government. More