- POSTED: 11 Sep 2013 06:15
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The dollar weakened against the euro on Tuesday on signs that the risk of a US-led military strike on Syria was easing.
NEW YORK: The dollar weakened against the euro on Tuesday on signs that the risk of a US-led military strike on Syria was easing.
The euro bought $1.3266 around 2200 GMT, up from $1.3250 late Monday.
The dollar rose against the Japanese currency, to 100.40 yen from 99.59 yen, while the euro advanced to 133.29 yen from 131.97.
The dollar was losing its safe-haven allure after Russia's proposal for Syria to turn over its chemical weapons to international control gained traction, said Kathy Lien of BK Asset Management.
Since the idea was first floated on Monday, it has garnered growing global support and the United States, France and Britain were now working on a resolution to go before the United Nations.
"While a final decision still hasn't been made, there's a growing chance the US government will opt for a diplomatic versus military solution and that would ease demand for US dollars," Lien said.
President Barack Obama's televised speech on Syria, scheduled at 9:00 pm local time (0100 GMT Wednesday), was expected to be closely monitored amid the fast-changing situation.
"The speech is likely to focus on finding a diplomatic solution while reserving the right for military action should Syria fail to comply," Briefing.com analysts said.
"Adding to the favorable market mood is today's economic news from China, including stronger growth in the retail and industrial sectors," said Nick Bennenbroek of Wells Fargo Securities.
The British pound firmed to $1.5733 from $1.5695 late Monday.
The dollar rose to 0.9350 Swiss franc from 0.9324 franc.