Dollar Drifts Higher Against Euro

FRANKFURT, Germany - The dollar drifted higher against the euro on Tuesday on the release of a report that showed investor and business confidence slipping in Germany, the euro zone's biggest economy.

In morning European trading, the euro bought $1.3405, down from $1.3411 in New York late Monday.

Traders were looking for a rise in the German investor sentiment in the monthly ZEW index that likely would have lifted the 13-nation currency after its release Tuesday.

Analysts predicted the report would show German sentiment rising to 25 points in June, compared with 24 points in May.

The Japanese yen recovered slightly off its 4 1/2-year against the dollar, falling to 123.59 yen from its level Monday of 123.61 yen.

The British pound edged lower to $1.9835 from $1.9837 on Monday.