The dollar stabilized against the euro on Wednesday but fell against the yen, the market banking on a particularly accommodating American Federal Reserve (Fed) to counter the effects on the economy of the Covid-19 pandemic.

Around 9:30 p.m. GMT, the dollar rose slightly by 0.08% against the European currency at 1.1853 dollars for one euro, but dropped 0.32% against the yen, at 103.86 yen for one dollar.

Fed Chairman Jerome Powell said on Tuesday that the recent rise in the rate of infections remained a risk to the economy, "especially in the short term."

"The Fed will stay there and is ready to use all its tools," he said.

The euro fell against the yen (-0.41% to 123.10 yen) and the British pound (-0.23% to 89.34 pence per euro).

“On both sides of the Atlantic, political groups are blocking” government stimulus plans for the economy, leaving central banks the role of supporting the economy, explains Antje Praefcke, analyst at Commerzbank.

Budapest and Warsaw opposed the European recovery plan on Monday. The subject should be invited Thursday to a videoconference summit officially devoted to the Covid-19 crisis.

The European Central Bank (ECB) has signaled that it will take additional measures to support the economy at its next meeting in December.

Bitcoin continued to appreciate for the third consecutive session at 17,667.61 dollars (+0.16%).