Euro pulls back on fear of rally losing steam

London

THE euro slipped back below US$1.20 on Wednesday, as investors worried that a rally that has seen the single currency gain almost 14 per cent since the start of the year might be running out of steam.

The dollar was broadly higher, recovering from a four-month low against the yen, as investors' worries over North Korea's latest missile test eased, boosting appetite for riskier assets.