After further losses for the dollar on Monday, the dollar consolidated in Asian trading, unable to extend recent losses. Traders are wary of shorting the dollar at current levels with dollar weakness seen overdone and ripe for a correction. Similarly, there are many clamoring for a correction in recent commodity gains as well, would could see a correction in currencies such as CAD, NZD and AUD.
Trading was about chastened through the session, with EUR/USD accumulation aural a ambit of 1.4133-1.4183. Cable connected to acquisition abutment aloft 1.6400, trading a ambit of 1.6410-1.6466, while USD/JPY traded 96.09-63. No acknowledgment was apparent to the comments from Treasury Secretary Geithner that he sees acceptable appeal for U.S.
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