Dollar recovery

The dollar is fighting back after the recent softer tone, despite the weaker than expected consumer confidence data from the US, which fell to 78.1 (from revised 79.4). Both the euro and sterling have proven to be the most vulnerable, down 0.3% over the past half hour. The moves are probably more reflective of low underlying liquidity rather than a fundamental re-assessment on the part of the dollar, which has been finding decent support around the 80 level on teh dollar index (currently 80.24).

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