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The dollar rebounded versus the sterling and held steady versus other majors Tuesday morning in New York after President Barack Obama said the US economy is on the mend.
Obama told Bloomberg that job losses are "bottoming out," but cautioned that pulling back government aid could snuff out economic expansion.
Trading on Tuesday could be impacted by the release of a slew of economic data, including reports on retail sales and wholesale price inflation in the month of August. Retail sales are expected to show strong growth due in part to an increase in auto sales resulting from the government's cash-for-clunkers program.
Traders may also look to comments from Federal Reserve Chairman Ben Bernanke, who is speaking about the financial crisis at the Brookings Institution in Washington.
The dollar took back some of its recent losses versus the sterling, rising to a weekly high of 1.6450. The buck has risen nearly 3 cents since hitting a monthly low late last week.
The Office for National Statistics said British consumer price annual inflation slowed to 1.6% in August from 1.8% in July. Economists had expected annual rate to ease to 1.4%. The inflation rate stayed below the central bank's 2% target for the third straight month.
The buck was unable to bounce back versus the euro, staying near yesterday's 2009 low of 1.4651.
On the flip side, the dollar continued to improve versus the yen, rising to 91.20 from a 6-month low of 90.18 set last week. The yen has been favored over the dollar as a safe recently, but any evidence that the US economy is poised to rebound could give the dollar a big boost.
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