The U.S. dollar rose against its rival currencies on Tuesday.
MarketWatch reported that the dollar continued its rise against the yen, stating that it was at ¥107.15 from ¥106.86 late Monday in New York. Analysts said that the dip buying that took place pushed the dollar up against its Japanese rival.
The greenback also saw similar gains against the euro. Bloomberg reported that the dollar strengthened 0.7 percent to $1.2657 per euro at 8:50 a.m. New York time, recovering most of yesterday's 1 percent decline. The move came with the news that many analysts are speculating that the eurozone could experience a major economic slowdown, while the U.S. is poised to weather global economic turbulence. Bloomberg noted that Germany's Economy Ministry cut its 2014 forecast to 1.2 percent from a previous estimate of 1.8 percent. The Ministry also slashed its estimate for next year to 1.3 percent from 2 percent.
"It does look as if the dollar is coming back. If we are going to see a deceleration, the U.S. is looking in better shape. The dollar looks relatively well-supported," said Jeremy Stretch, head of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London to Bloomberg.
According to MarketWatch, the WSJ Dollar Index, which is a measure of the dollar against a basket of major currencies, was up 0.14 percent at 77.32.
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