Euro Tries to Regain Lost Ground Against Dollar

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The euro was weaker against the dollar again on Tuesday, but the currency was staging a rebound in late-morning action.

The euro dropped earlier in the session amid concerns that the European Central Bank will leave interest rates unchanged at its meeting this week. The euro had its biggest decline in seven weeks against the greenback, falling as low as $0.9029 from $0.9114 late yesterday. But recently, the single European currency retraced much of that lost ground to change hands at $0.9105. The euro fell earlier against the yen, but recently rose to 109.70 yen from 109.30. The euro had been as low as 108.64 to the Japanese currency.

Elsewhere, the yen fell to 120.47 per dollar from 119.94 after Japanese officials indicated that they may undertake a currency selling program. Officials have indicated in recent days that they were considering weakening the currency and that has hurt the yen's performance.

The greenback was stronger against the Aussie and Canadian dollar, but weaker against the British pound.