Early trade in New York: Euro recovers from three-week low

The euro rebounded from a three-week low against the dollar on Wednesday but traders said uncertainty about a debt swap designed to avoid a Greek default should keep gains in check. By late morning, though, the currency climbed back toward an overnight high, a move traders said was driven by speculators looking to take profits on their short euro positions.
The euro was last changing hands at $1.3158, up 0.3 percent. Elsewhere, the dollar rose 0.2 percent to 81.04 yen but slipped 0.4 percent to 0.9161 Swiss francs. The Australian dollar was up 0.2 percent at $1.0566 but remained well off its 2012 high of $1.0857 hit last week.