LONDON, Dec 4: A barrage of sharp interest rate cuts led by the European Central Bank roiled the forex markets on Thursday but by late European trade the tone was calmer as the euro rose against the dollar and the British pound steadied.

In late London trade, the euro was at $1.2835, up sharply from early lows of $1.2606 and $1.2704 in New York late Wednesday.

The dollar was also weaker at 92.83 year after 93.29 yen on Wednesday. The pound was at 1.1521 euros, recovering from 1.1499 euros -- the lowest level since the creation of the European single currency in 1999.—AFP