The euro has changed little against the US dollar while the safe-haven yen gained as markets girded for the crucial EU leaders summit on the euro area crisis beginning late Thursday.
At 2100 GMT on Tuesday (0700 Wednesday AEST) the euro was trading at $US1.2495, barely lower than the $US1.2502 level traded the same time Monday.
The yen gained on both. The US dollar bought 79.51 yen, down from 79.64 yen Monday. The euro traded at 99.36 yen, from 99.58.
"Risk-aversion trades have continued to prop up demand for the low yielder," Daily FX's Michael Boutros said of the Japanese currency.
Euro supporters meanwhile took little notice of small ratings agency Egan Jones' downgrade of Germany, to A+ from AA-.
Sebastien Galy of Societe Generale said the euro's hold around $US1.25 was tied to a large volume of outstanding options with strike prices at that level which mature on Wednesday.
The British pound edged higher to $US1.5640 from $1.5569. The US dollar traded at 0.9611 Swiss francs, up from 0.9604 francs.