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

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.89%3.88%
15 yr fixed3.21%3.21%
5/1 ARM2.87%2.88%
30 yr refi3.96%3.96%
15 yr refi3.30%3.29%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 12,875.36 74.13 0.58%
Nasdaq 2,929.73 25.85 0.89%
S&P 500 1,352.16 9.52 0.71%
Treasuries 2.00 0.03 1.42%
Data as of 1:48pm ET
Company Price Change % Change
Bank of America Corp... 8.29 0.22 2.73%
Sprint Nextel Corp 2.29 0.00 0.00%
Cisco Systems Inc 19.98 0.09 0.43%
Ford Motor Co 12.56 0.12 0.92%
Citigroup Inc 33.41 0.48 1.47%
Data as of 1:33pm ET

Sections

The Internet search leader in China trades at a big premium to Google. But it may be unwise to bet against Baidu. More

With still elevated budget deficits, Obama will not keep his 2009 promise to half the deficit by the end of his first term. More

The Fair Labor Association began its audit of Apple's final assembly suppliers on Monday, starting with Foxconn City. More

Small businesses, eager to control quality and costs, are increasingly shifting orders away from Chinese factories to American manufacturers, instead. More

This year, taxpayers can claim up to $13,360 for each child they've adopted on their 2011 tax returns -- a major windfall for some unsuspecting parents. Just be prepared for long waits and the possibility of a tax audit. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.