The euro was seen on improving note as investors took profits and sentiment toward the single currency still fragile as debt worries returned after Moody’s cut Greece’s credit rating to junk.
Matthew Strauss, senior currency strategist at RBC Capital wrote in a morning note said: "Whether the bounce in the euro from $1.19 to $1.22 is more than a brief relief bounce remains open for debate but the sharp reaction to the rating downgrade overnight suggests that sentiment is still extremely fragile."
The eurowas at $1.2211.