Euro bruised as inflation fears send safety-seeking investors to dollar

The euro struggled to regain its footing after tumbling overnight against a resurgent U.S

The euro struggled to regain its footing on Thursday after tumbling overnight against a resurgent U.S. dollar, which benefited from safe-haven demand on renewed worries about higher rates and a global recession, Qazet.az reports.

The common currency was at $1.0453, up 0.13% on the day, after losing 0.75% on the dollar the day before. It looked set for a monthly decline of 2.7% and a quarterly loss of 5.5%.

The dollar remained on the front foot against other majors, with sterling hunkered down at $1.2132, with losses this week leaving it set for a 3.7% monthly decline, while the Australian dollar was struggling at $0.6895.

The dollar also hit fresh a 24-year peak of 137 yen overnight, as the gap between a hawkish Fed and a dovish Bank of Japan continues to weigh heavily on the yen, which was last trading at 136.51 yen.