(RTTNews) - In late Asian trading on Thursday, the US dollar recouped its early losses against other major currencies and jumped to a new multi-month high against the euro and a 15-day high against the franc as a credit downgrade on Portugal added to worries about debt levels in Greece and other parts of Europe, prompting investors toward safe-haven greenback. Yesterday, rating agency Fitch lowered Portugal's long-term foreign and local currency Issuer Default Ratings, or IDR, to 'AA-' from 'AA'. The outlooks on the long-term IDRs are negative. The negative outlook on ratings reflects Fitch's concern about the potential impact of the global economic crisis on Portugal's economy and public finances over the medium term, given the country's existing structural weaknesses and high indebtedness across all sectors of the economy. Investors are waiting for an EU summit on Thursday and Friday for any signs of assistance for Athens, after efforts to arrange a special euro zone meeting failed, with France and Germany discussing what role the IMF might play. At 1:20 am ET Thursday, the dollar rose to a new multi-month high of 1.3286 against the euro and a 15-day high of 1.0745 against the Swiss franc, compared to lows of 1.3348 and 1.0703, hit respectively at 9:25 pm ET. If the dollar gains further, it may likely target 1.300 against the euro and 1.080 against the franc. As of now, the dollar is worth 1.3294 against the euro and 1.0730 against the franc. The euro-dollar pair closed yesterday's trading at 1.3307 and the dollar-franc pair at 1.0737. The dollar climbed to 1.4857 against the pound by about 1:20 am ET Thursday, compared to an early Asian session low of 1.4914. The pound-dollar pair that closed yesterday's deals at 1.4860 is presently worth 1.4870. On the upside, 1.479 is seen as the next target level for the US currency. The dollar that slipped to 91.78 against the yen in early Thursday Asian deals at 9:20 pm ET recovered shortly thereafter. At present, the dollar-yen pair is worth 92.08, compared to Wednesday's close of 92.33. The next upside target level for the dollar is seen at 92.4. An index measuring corporate service prices in Japan was down 1.3 percent on year in February, the Bank of Japan said today, coming in at 97.4. That was roughly in line with forecasts for a 1.3 percent annual contraction following the revised 1.2 percent fall in January. On a monthly basis, corporate service prices were up 0.1 percent after retreating 0.4 percent in the previous month.

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