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The dollar continued to rebound away from yearly lows versus the euro as traders unwound carry trades amid concerns that the fragile global economy may not mend as quickly as once hoped for.
Another round of disappointing US economic data and weaker equities have fueled renewed interest in safer lower-yielding currencies, boosting the dollar and yen at the expense of the euro.
Consumer confidence unexpectedly deteriorated in the month of October on lingering anxiety about labor market conditions.
While the economy seemed to be healing with a healthy dose of government stimulus spending, economists have warned that without participation from the US consumer, once the engine of the world economy, the current recovery may be unsustainable.
The dollar jumped to 1.4750 versus the euro, having picked up three cents since hitting a 14-month low of 1.5059 very early Monday morning.
At the same time, the dollar paused from a recent uptrend versus the yen, slipping back to 91.80 from a monthly high of 92.31. The dollar has managed to stabilize since testing a 1995 low of 88.07 earlier this month.
The Ministry of Finance raised Japan's economic assessment for the second consecutive quarter. The ministry upgraded its evaluations for seven of the 11 regions. At the same time, it maintained the assessment of four regions from the previous quarter.
The dollar held its ground versus the sterling, staying near 1.6400. The pair is stuck in the mud, having moved between 1.5700 and 1.6700 over the past few months.
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