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FRANKFURT — The euro was higher against the dollar Wednesday despite calls from central bankers for a stronger U.S. currency. Meanwhile, Asian markets were mixed following recent advances as investors took profits, and commodity prices like gold and oil rose, partly on dollar weakness.
The 16-nation euro bought $1.4905 in European morning trade, up from $1.4855 late Tuesday in New York.
The British pound also rose to $1.6806 from $1.6797, while the dollar was lower at 89.13 Japanese yen from 89.32 late Tuesday in New York.
Earlier this week, Federal Reserve Chairman Ben Bernanke and European Central Bank President Jean-Claude Trichet both noted the importance of a strong dollar. Bernanke said however that interest rates in the U.S. would probably remain low for a long time. Lower interest rates can weigh on a currency as investors seek out assets that earn better returns.
The euro versus the dollar's "failure earlier this week to overcome the $1.5000 area prompted a fall back to support at $1.4810," Michael Hewson, a currency analyst at CMC Markets said in a research note.
"The Euro needs to overcome the minor resistance between $1.4910 and $1.4920 to retarget a test of the $1.5000 area and previous highs at $1.5065 to $1.5070. A break below $1.4810 support could target a deeper correction toward $1.4650," Hewson said.
