- POSTED: 12 Sep 2013 06:43
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The dollar on Wednesday continued to retreat against most major currencies as the improved chances of Syria diplomacy reduced the greenback's appeal as a safe-haven currency.
NEW YORK: The dollar on Wednesday continued to retreat against most major currencies as the improved chances of Syria diplomacy reduced the greenback's appeal as a safe-haven currency.
Near 2200 GMT Wednesday, the euro traded at $1.3314, up from $1.3267 Tuesday.
The dollar fell to 99.92 yen from 100.43 yen.
The euro bought 133.03 yen, down from 133.24 yen.
The dollar has fallen in recent days as the US and other Syria critics have signalled their consideration of a Russian plan to place Syria's chemical weapons under international oversight.
President Obama cited the Russia plan in a televised address to the US on Tuesday night, even as he argued that a military strike still might be needed.
As the prospects for the Russia-led deal have risen and pushed lower the chance of a US military strike, the market has demonstrated greater appetite for the euro and other so-called "risk" currencies at the expense of the dollar, analysts said.
Traders are also gearing up for next week's meeting of a key US Federal Reserve monetary policy committee, which could scale back the Fed's $85 billion-a-month bond-buying programme.
Recent dollar weakness has suggested investors view an aggressive taper as less likely in like of a weak US jobs report for August.
"Currency players will keep one eye on the developments with Syria and the other on the Fed's coming meeting on Sept. 17-18," said Joe Manimbo, senior market analyst for Western Union Business Solutions.
"Uncertainty over both Syria and the outcome of the Fed meeting may keep the dollar and major currencies on a leash."
Some analysts predicted the British pound could see further strength in the days and weeks ahead after Britain's unemployment rate fell unexpectedly in July to the lowest level since late 2012.
The pound rose to $1.5826 Wednesday from $1.5731.
The dollar dipped to 0.9306 Swiss francs from 0.9346.