NEW YORK (AFP) - The dollar was mixed as a sharp retreat in commodity prices and a new spike in oil roiled the cuy markets.
The euro fetched 1.2344 dollars at 2100 GMT from 1.2325 late on Tuesday in New York.
The dollar traded at 109.66 yen from 109.66 on Tuesday.
Of all the base metals, copper was hit the hardest on mounting concerns about demand growth in China.
The downward move in the commodity-bloc currencies prompted a readjustment across the currency markets that eventually saw the dollar hitting a three-week high against the euro.
The single currency, which was already on the backfoot after being unable to break through its recent range against the dollar after last week's disappointing US jobs report, slipped back to a low of 1.2228 dollars, its lowest level since September 22.
However, the euro recovered some ground in the afternoon as investors grew skeptical about whether the move lower in commodity prices could be sustained.
"No one is going to look at one or two days' moves (in commodity prices) and say that's the end of their inexorable move up," said Steve Barrow, currency strategist at Bear Stearns.
Dollar sentiment has improved in recent days after the euro failed to break above the 1.2450 dollar level, disappointing eurozone data was published, oil prices eased and the US Congress's approval of the Homeland Investment Act, which will lower taxes on US corporate profits earned abroad to 5.25 percent from 35 percent for 12 months.
In late New York trade, the dollar stood at 1.2516 Swiss francs from 1.2554.
The pound was at 1.7941 dollars from 1.7920 on Tuesday afternoon.