The dollar was firmer in quiet trade as the market awaits a speech by Federal Reserve chairman Mr Alan Greenspan and the release of second-quarter US GDP figures later today.
Investors will be looking for guidance from Mr Greenspan's speech as to whether the so-called soft patch in US data is temporary - as he and other Fed officials have previously maintained - or the beginning of a broader trend of weakness.
At 9.50 a.m. the dollar was at $1.2085 against the euro and $0.5559 against the British pound.
With the GDP data, the consensus is that economic growth for the second quarter will be revised down from the previous estimate, largely due to the size of the US trade deficit.
Elsewhere, oil prices continued to drop overnight, but the dollar showed little reaction in a thin market still driven largely by technical trades.
Lower oil prices, as well as another positive close on Japanese equity markets today continued to benefit the yen, however.
Being entirely dependent on imported oil, Asian economies are seen as the most vulnerable to spikes in oil prices. Their recent drop has provided a big relief to the market, with the yen being one of the main beneficiaries.