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NEW YORK: The US dollar weakened against the euro on Wednesday as the market grappled with uncertainty about the global economic recovery and positive Chinese export numbers fuelled risk appetites.
The euro traded at 1.3657 dollars around 2200 GMT, up from 1.3598 late Tuesday in New York.
The dollar, meanwhile, rose to 90.49 yen from 89.96 on Tuesday.
"The brief period of risk aversion that we saw yesterday has proven to be very short-lived," said Samarjit Shanker at Bank of New York Mellon.
Shanker pointed out that the sought-after currencies on Wednesday were those with high yields, such as the New Zealand dollar and the Swedish kronor.
"Encouraging data from China that showed exports rising at the fastest pace in three years is boosting risk appetites and equity markets today," Wells Fargo Bank analyst Nick Bennenbroek said.
Michael Hewson, an analyst at CMC Markets, said the euro was trading in a 1.35-1.37 dollar range in the absence of new comments on the Greek debt crisis or economic trend indicators.
The euro's rebound was "technical" as investors adjusted their positions ahead of the next market-moving news, he said.
Traders awaited US reports on Thursday on initial jobless claims and the trade deficit in hopes clues will emerge on the prospects for the fragile recovery underway in the world's biggest economy.
The single European currency earlier was under pressure from disappointing economic data from Germany, the eurozone's leading economy.
German exports dropped by an unexpectedly sharp 6.3 percent in January from the previous month, official statistics showed. It was the first monthly fall since August and came as imports grew by 6.0 percent.
Investors have kept a wary eye on Greece and the risk that other eurozone countries might be vulnerable to the sort of public debt crisis that is plaguing Athens.
The Portuguese government said this week it would cut spending, delay investment and sell state assets in an attempt to fix the country's finances.
The British pound, meanwhile, was hammered by a series of disappointing economic data.
The pound edged down to 1.4976 dollars from 1.4994 in late New York trade.
The dollar fell to 1.0696 Swiss francs from 1.0747 late Tuesday. - AFP/de
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