Tuesday's midday trade: dollar gains versus euro

The dollar rose against the euro on Tuesday, reversing the single currency's earlier gains, as investors grew more risk averse and sought safety in both the dollar and the yen. There was no fundamental reason for the moves, analysts said, but a breakdown of support on dollar/yen prompted more selling, analysts said. After the dollar tested technical support at 92.63 yen, sell orders kicked in, said Matthew Strauss, senior currency strategist at RBC Capital Markets in Toronto.
The dollar rose as high as 92.96 yen before giving up those gains; it last traded little changed at 92.58 yen, off the session low of 92.34 yen. The euro was last down 0.2 percent at $1.2375 off the session high of $1.2444. It touched $1.2234 on Monday.