The dollar’s weakness continued Wednesday, even as talk of intervention by central banks grew louder. Currency analysts said that underlying economic fundamentals were trumping any effect from verbal intervention.

The euro rose to a new high against the dollar, reaching $1.3790 in afternoon trading. The dollar also fell against the yen, trading at ¥81.77.

“The market is testing the resolve of policymakers,” said John Smith, a currency strategist at a major bank. “Until we see concrete action, the dollar is likely to remain under pressure.”

Speculation about intervention has been fueled by recent comments from European officials expressing concern about the euro’s strength. However, the United States has so far refrained from joining in the verbal intervention.

Analysts said that the dollar’s weakness reflects concerns about the U.S. economic outlook and the Federal Reserve’s policy of quantitative easing. The Fed is expected to announce further easing measures at its next meeting in November.

“The market is betting that the Fed will continue to print money, which will further debase the dollar,” said Jane Doe, a portfolio manager at an investment firm.

Some analysts believe that intervention is unlikely to be effective unless it is coordinated and involves both the United States and Europe.

“Unilateral intervention is unlikely to have a lasting impact,” said Mr. Smith. “The market is too big and too liquid.”

The dollar’s decline is a concern for U.S. exporters, who could see their products become more expensive for foreign buyers. However, it could also benefit U.S. companies with overseas operations, as their earnings would be worth more when translated back into dollars.