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Quantitative easing by the US Federal Reserve saw limited gains by the dollar against the euro, reports Reuters.
Ulrich Leuchtmann, a Commerzbank currency strategist based in Frankfurt, said many traders were not willing to sell the euro at the current levels.
"There are concerns about the actions of the US Fed, which are seen as measures to fight deflation and could lead to a decrease in the foreign value of the dollar as well as its domestic value," he commented.
Japanese investors have also been repatriating funds from overseas before the conclusion of the financial year, traders noted.
In related news, Japan - the world's second largest economy - has seen a record drop in exports, highlighting the scale of the global slump in commercial and consumer spending.
