The euro seesawed against the dollar Thursday and was last little changed as concerns mounted that the eurozone debt crisis will intensify next year, driving investors to sell into any rebounds in the single currency. Analysts said the European Central Bank's first-ever tender of ultra-cheap three-year loans Wednesday gave little support to the euro.
Doubts remained over how much of the funds will be lent to boost the ailing eurozone economy or used to buy peripheral sovereign bonds as banks deleverage and cut back exposure to government debt. The euro was last at $1.3040, little changed from the prior close and well off the session peak of $1.3119, according to Reuters data, and closer to the session low of $1.3015. The US dollar was also little changed against the yen at 78.11 yen. It has been tied to a roughly 2-yen-wide band since Tokyo stepped into the market to stem its currency's strength on October 31.
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