By Omer Esiner of TravelexThe dollar soared overnight to a new 10-month peak against a basket of currencies as renewed sovereign credit concerns in the eurozone sent investors back into defensive dollar-denominated assets. Fitch Ratings cut Portugal's sovereign credit rating to AA- from AA and maintained a negative outlook for the nation, citing deteriorating budget conditions. The downgrade highlighted that Greece's fiscal issues, which have long been a focus of concern for financial markets, are only a small component of broader sovereign issues facing the eurozone. The news overshadowed strong euro zone economic data and the first hints from Germany that it may be willing to consider financial assistance for Greece, although it signaled that any help would come with strict conditions. The euro fell to record lows against the Australian dollar and the Swiss franc and to a 30-month low against the Canadian dollar. The broad pullback in risk appetite across financial markets pushed the safe-haven greenback higher across the board, with its steepest gains coming against higher-yielding and riskier currencies. Investors remain focused on a summit of EU leaders taking place Thursday and Friday. Lack of any progress toward an internal resolution for Greece's debt issues would add to the single currency's heavier tone and continue to support the dollar. U.S. durable goods orders rose by 0.5% month over month in February, slightly worse than the 0.7% expected. However, January's figure was revised up from 2.6% to 3.9%. Excluding transports, durable goods rose by 0.9%, which topped expectations for an increase of 0.6%. The data took a back seat to developments regarding sovereign credit issues in the eurozone. The greenback should enjoy continued support from the heightened level of investor nervousness. EUR: The euro fell to a 10-month low against the U.S. dollar, a 30-month trough against the CAD and record lows against the Swiss franc and Australian dollar. Fitch Ratings lowered its rating for Portugal's sovereign debt one notch and labeled its outlooks as negative. Fitch cited the fiscal shock of soaring spending in the wake of the worst recession since World War II amid a backdrop of economic and structural weakness for the deterioration in Portugal's credit standing.