Investing.com - The dollar recovered from two-week lows against the yen on Wednesday and was higher against the other major currencies as concerns over a potential U.S. military strike against Syria’s government escalated.
During European morning trade, the dollar regained ground against the yen, with USD/JPY climbing 0.45% to 97.47, as increased safe haven demand favored the dollar.
Expectations for a military response mounted after U.S. Vice-President Joe Biden said Tuesday there was "no doubt" that the Syrian government used chemical weapons against civilians and that it must be held accountable.
The dollar was also higher against the euro, with EUR/USD slipping 0.23% to 1.3362.
The dollar was close to two-week highs against the pound, with GBP/USD losing 0.32% to trade at 1.5495.
Sterling came under pressure ahead of a speech by Bank of England Governor Mark Carney later in the trading day.
Carney was expected to reiterate the bank’s pledge to keep interest rates on hold at current record low levels until the U.K. unemployment rate falls below 7%, something the bank sees as unlikely for another three years.
Recent improved U.K. economic data fuelled expectations that the bank could raise rates before then.
The dollar pushed higher against the Swiss franc, with USD/CHF climbing 0.20% to 0.9195.
Elsewhere, the greenback was stronger against its Australian, New Zealand and Canadian counterparts, with AUD/USD falling 0.63% to 0.8927, NZD/USD down 0.52% to 0.7756 and USD/CAD rising 0.25% to 1.0499.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.22% to 81.36.
The U.S. was to release data on pending home sales later Wednesday.
During European morning trade, the dollar regained ground against the yen, with USD/JPY climbing 0.45% to 97.47, as increased safe haven demand favored the dollar.
Expectations for a military response mounted after U.S. Vice-President Joe Biden said Tuesday there was "no doubt" that the Syrian government used chemical weapons against civilians and that it must be held accountable.
The dollar was also higher against the euro, with EUR/USD slipping 0.23% to 1.3362.
The dollar was close to two-week highs against the pound, with GBP/USD losing 0.32% to trade at 1.5495.
Sterling came under pressure ahead of a speech by Bank of England Governor Mark Carney later in the trading day.
Carney was expected to reiterate the bank’s pledge to keep interest rates on hold at current record low levels until the U.K. unemployment rate falls below 7%, something the bank sees as unlikely for another three years.
Recent improved U.K. economic data fuelled expectations that the bank could raise rates before then.
The dollar pushed higher against the Swiss franc, with USD/CHF climbing 0.20% to 0.9195.
Elsewhere, the greenback was stronger against its Australian, New Zealand and Canadian counterparts, with AUD/USD falling 0.63% to 0.8927, NZD/USD down 0.52% to 0.7756 and USD/CAD rising 0.25% to 1.0499.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.22% to 81.36.
The U.S. was to release data on pending home sales later Wednesday.