Euro Climbs Against US Dollar After Record Lows

The euro edged up against the dollar on short-covering on Thursday, after sliding to a fresh 14-month low earlier, and as investors shifted focus to a European Central Bank meeting later in the day.

Photo: Euro Climbs Against US Dollar After Record Lows

The euro's rebound, however, remained shallow as more players want to sell the single currency on tops after it slid through key support levels as concerns about the sovereign debt crisis in the euro zone mounted, traders said, according to Reuters.

A drop in the euro and a rise in the dollar has also battered markets around the world. The stronger dollar hurts U.S. stocks by cutting into profits of U.S. companies that do business abroad. A higher dollar also hurts commodity prices by reducing demand from foreign buyers.

The euro was trading at $1.2821 from $1.2823 late Wednesday. The dollar fell to 93.78 yen from 93.89 yen.

Oil prices were up slightly after tumbling the day before. Benchmark crude for June delivery rose 5 cents to $80.02 in electronic trading on the New York Mercantile Exchange. The contract lost $2.77 to settle at $79.97 a barrel on Wednesday, according to The Associated Press.