Dollar rally stumbles after three-month high versus euro

0 Comments | AFP, October, 2005

NEW YORK (AFP) — The dollar lost ground against its main rivals as an early rally lifting the greenback to a three-month high against the euro ran out of steam, prompting investors to cash out.

The single European currency at one point fell below the 1.19-dollar level for the first time since early July, dropping to 1.1876, before rebounding strongly.

The euro was quoted at 1.1992 dollars at 2100 GMT, against 1.1957 late Tuesday.

Against the yen the dollar jumped to 115.99, its highest level since September 2003, but also failed to hold its gains.

The US unit was quoted in late trade at 1.1537 yen after 115.67 on Tuesday.

Sam Shenker at Forex Capital Markets said the greenback "is up to its old tricks again, trying to break the majors'...