The dollar today remained near a record low against the euro as investors awaited rate decisions later in the session by the European Central Bank and the Bank of England.
The euro was little changed at $1.4635 after surging to an all-time high of $1.4731 yesterday. The dollar index, which measures its value against a basket of six major currencies, was at 75.565, off its record low of 75.077 hit yesterday.
The US currency had been knocked to record lows overnight after General Motors reported its biggest ever quarterly net loss of $39 billion yesterday.
The dollar stayed under pressure as stock futures pointed to a weak start on Wall Street after a plunge yesterday that kept intact expectations for another Federal Reserve rate cut next month and further eroded the greenback's yield appeal.
Combined with warnings of potential credit-related writedowns by major financial institutions, GM's loss deepened concerns that US subprime mortgage problems could be spreading to the wider economy and hurting growth, traders said.
Against the yen, the dollar fell 0.1 per cent to 112.70 yen, reversing after a one yen rise from a three-month low of 112.00 yen.