The euro hovered around a two-month low against the dollar on Tuesday as uncertainty about Greece and weak German economic data drove down risk appetite.

The single currency traded at traded at a low of $1.2661 but later recovered to around $1.2706 from $1.2711 on Monday.

News that Greece is on track to sell sufficient Treasury bills to refinance €5bn and avoid Friday's default helped the euro come off the day's lows. However Greece's outlook still remains a source of concern as the debt crisis rages on.

Meanwhile the latest survey showed German sentiment unexpectedly fell in November as the Eurozone crisis hits Europe's largest economy.

Safe have flows took the dollar index slightly higher. The index, which measures the US currency against a basket of six major currencies, rose to 81.098 from 81.051 the previous session.

Against the yen, the greenback changed hands ¥79.42, hardly moved from ¥79.49 on Monday. The euro traded at ¥100.88 compared to ¥101.05 on Monday.

Sterling bought $1.5877 versus $1.5879 on Monday while the Australian dollar ran out of steam to trade at $1.0432 from $1.0432 on Monday.



CJ

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