Investing.com - The euro edged higher against the dollar on Wednesday, while the commodity linked currencies firmed up after steep declines in the previous two sessions on the back of a selloff in oil prices.
EUR/USD was up 0.25% to 1.0918, recovering from Tuesday’s lows of 1.0829.
Trade in the euro remained subdued after last Thursday’s rally when the latest round of European Central Bank easing measures fell short of market expectations.
The dollar also edged lower against the yen, with USD/JPY easing 0.15% to 122.73, retreating from Tuesday’s highs of 123.38.
The commodity related currencies, including the Canadian dollar and the Norwegian crown, steadied as a selloff in commodities eased after data showing that Chinese inflation picked up last month.
Oil prices fell to the lowest level since early 2009 on Tuesday, before recovering slightly in late trade.
The renewed selloff came after the Organization of the Petroleum Exporting Countries failed on Friday to agree on an oil production ceiling, adding to fears over a global supply glut.
USD/CAD was steady at 1.3582, holding below Tuesday’s highs of 1.3621, the highest level since mid-2004.
The Norwegian crown was also close to more than 10-year lows against the greenback, with USD/NOK at 8.7458 after rising to 13-year peaks of 8.8311 on Tuesday.
AUD/USD was down 0.35% to 0.7190, while NZD/USD dropped 0.65% to 0.6601 as the antipodean currencies remained under pressure ahead of New Zealand’s central bank meeting on Thursday, amid uncertainty over the prospects for a rate cut.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.26% to 98.16.