On Wednesday, the dollar made up for some data losses and rebounded towards recent peaks, while the euro remained under pressure amid growing recession fears fueled by a potential energy supply crisis.<\/p>\n\n\n\n
The dollar took a breather after disappointing surveys of the US manufacturing and service sectors revealed on Tuesday, as well as a drop in new home sales. This comes after a rally that pushed the US currency to its strongest level against the euro in 20 years.<\/p>\n\n\n\n
But Europe has its own growth concerns stemming from its greater exposure to Russian gas supplies as the region seeks to replenish stocks before winter.<\/p>\n\n\n\n
Russian energy company Gazprom said on Friday that Russia would halt supplies of natural gas to Europe for three days via the Nord Stream 1 pipeline due to maintenance work.<\/p>\n\n\n\n
The euro briefly hit $1 on Tuesday, but came back under pressure to $0.9950 in early European trade, slightly above yesterday’s low of $0.99005.<\/p>\n\n\n\n
The dollar index, which measures the performance of the US currency against a basket of six currencies, rose 0.1 percent to 108.66, approaching a 20-year peak recorded in July at 109.29.<\/p>\n\n\n\n
Meanwhile, highly cyclical currencies such as the Australian and New Zealand dollars have come under pressure amid fears of slowing global growth.<\/p>\n\n\n\n
The Australian dollar fell 0.15 percent to $0.6920, and its New Zealand counterpart fell 0.23 percent to $0.6199.<\/p>\n\n\n\n
The pound hovered above a two-and-a-half-year low of $1.1718 hit on Tuesday, while the Japanese yen rose 0.2 percent to 136.48 per dollar.<\/p>\n\n\n\n
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