Euro Stumbles Against Dollar

The yen is higher vs. the greenback.
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The greenback was firming against most major currencies Tuesday as investors sought sanctuary in the dollar following a selloff in Europe.

The euro was selling for $1.4156, down from $1.42 late Monday. The British pound was buying $2.032, down from $2.043 previously.

The

CurrencyShares Euro Trust

(FXE) - Get Report

and the

CurrencyShares British Pound Sterling Trust

(FXB) - Get Report

were off 0.2% and 0.4%, respectively.

Earlier, phonemaker

Ericsson

(ERIC) - Get Report

came out with disappointing third-quarter numbers, and that news hurt European exchanges and undermined the common currency.

Shares of Ericsson were recently tumbling almost 24%.

Climbing oil prices also hurt the euro relative to the greenback. The U.S. produces a larger portion of its own energy compared with Europe, which relies heavily on imports. Because of that, the increased costs of energy will likely hamper economic growth in Europe more than in the U.S.

The yen was bucking the trend, gaining against the U.S. currency. One dollar would buy 116.53 Japanese yen, down from 116.8 yen a day earlier.

The

CurrencyShares Japanese Yen Trust

(FXY) - Get Report

was gaining 0.4% in recent action.