The euro fell against the dollar but recovered when the head of the ECB assured markets that the Greece was in no danger of defaulting on its debt. The Greek debt problem has continued to make the euro weak. Michael Woolfolk, senior currency strategist in New York at Bank of New York Mellon Corp., said: "The Greek debt crisis continues to raise eyebrows as the details of the backstop are ironed out. It continues to unsettle the market and is used as an excuse to sell euros in favor of the dollar.”
Sophia Drossos, co-head of global currency strategy at Morgan Stanley said: "The market is unsure of the commitment other European countries and the IMF have to backstopping Greece. "he uncertainty … is a negative for the euro."
The euro rose 0.1 percent to $1.3349. Euro traded 0.1 percent at 124.59 yen, while dollar traded flat at 93.35 yen.