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Dollar gains as Syria worries trigger safety bid

Luc Novovitch | Photographer's Choice | Getty Images

The U.S. dollar rallied across the board on Wednesday as investors sought the greenback's safety given the possibility of Western military action in Syria.

Investors, having bought the yen and Swiss franc a day earlier amid Syria-related concerns, also locked in steep gains in those currencies on Wednesday. The dollar, yen and Swiss franc are considered safe havens in times of economic stress and geopolitical turmoil.

The dollar was last up 0.7 percent at 97.65 yen, recovering from an intraday trough of 96.83 that matched the low seen two weeks ago, according to Reuters data. The yen had earlier slipped after Bank of Japan Deputy Gov. Kikuo Iwata said the bank will continue its quantitative easing until inflation stabilizes at 2 percent.

The greenback was up 0.4 percent against a basket of currencies at 81.42. The euro was up 0.3 percent against the yen at 130.27 yen. Against the dollar, the single currency was down 0.4 percent at $1.3341.

Analysts at Citi said the euro could struggle if the U.S. Federal Reserve trimmed its stimulus, which would tighten global monetary conditions, raise peripheral funding costs, and hurt the bloc's nascent recovery

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