The dollar rose against the euro on Wednesday, as investors sought refuge in safe-haven assets. Concerns about the global economic outlook and persistent uncertainty in Europe fueled demand for the U.S. currency.

The euro weakened as economic data released earlier in the week pointed to a slowdown in the Eurozone. This added to existing worries about the region’s debt crisis and the health of its banking sector.

Analysts noted that the dollar’s strength was also supported by its perceived stability compared to other currencies. As global growth concerns intensify, investors often flock to the dollar as a safe store of value.

The dollar’s gains were broad-based, with the currency also rising against the British pound and the Japanese yen. The overall risk-averse sentiment in the market contributed to the dollar’s upward momentum.