RTTNews - The dollar was steady in quiet dealing Wednesday morning in New York, as traders uncertain about the direction of stocks gave the safe haven buck a bit of support.
With no major economic data in focus apart from the customary oil inventory report, there will be few catalysts outside of activity in the equities market to influence currency trading.
Approaching 8 am ET, US stock futures were pointing to a negative open on Wall Street. The dollar has struggled when rising stocks have fueled increased appetite for riskier, higher-yielding currencies.
During the summer stock rally, the dollar slipped to its 2009 lows, but has since stabilized as equities pulled back.
Wednesday morning, the dollar was hovering near 1.4100 against the euro, having shown little direction over the past two sessions. Earlier in the month, the dollar hit an 8-month low of 1.4446.
German producer prices dropped at a record pace in July, falling for the fifth month in a row.
Meanwhile, Eurozone construction output dropped a seasonally adjusted 1.1% % month-on-month in June after falling 2% in May, the Eurostat said on Wednesday.
The dollar firmed up slightly versus the sterling, rising more than a penny to 1.6400. Its been a choppy week for the dollar against its British counterpart. Two weeks ago, the dollar hit a 10-month low of 1.7012.
Against the yen, the dollar drifted very slightly lower to a 3-week low of 94.15.
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