LONDON, Oct 27: The euro struggled to hold the line at more than two-year lows against the dollar on Monday as global markets reeled in disorder, with investors looking to find safety at all costs amid the turmoil.

Dealers said the euro has been under heavy pressure for weeks on concerns the eurozone economy is on the slide and that view was bolstered on Monday by a very weak German business confidence survey.

Comments from European Central Bank head Jean-Claude Trichet that the ECB could cut interest rates again soon and possibly as early as next month added to the view that the single currency was a one-way bet against the US unit.

The dollar meanwhile continued to benefit from its traditional safe haven status as funds fleeing commodities and emerging markets poured into the currency despite the United States being the epicentre of the crisis.

The yen meanwhile was close to 13-year highs against the dollar as the market discounted Group of Seven statement of concern on exchange rates while the Swiss franc also benefited from its traditional safe haven attributes.—AFP