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The dollar was mixed versus other majors on Tuesday, stabilizing versus the euro but turning lower against the sterling and loonie.
With no first-tier economic data to consider, traders focused some attention on a pair of speeches from Federal Reserve officials.
There was little momentum left in the euro/dollar trade, as the buck found support near last month's yearly low of $1.5059. Diminished risk appetite helped the dollar improve to 1.4940 as the recent rally in equities fizzled out on Wall Street.
The buck rallied overnight versus the sterling, but drifted lower from there to settle near 1.6750. Yesterday, the dollar hit a 3-month low of 1.6842 before finding its footing.
Meanwhile, the buck slipped to a 2-week low of C$1.0496 versus the loonie. Commodity-linked currencies have enjoyed a boost from comments made at the G-20 meeting in Scotland by Treasury Secretary Tim Geithner, who urged world leaders to keep stimulus measures in place until the economic recovery is secure.
The buck continued its run of choppy trading versus the yen, easing slightly to 89.70.
San Francisco Federal Reserve President Janet Yellen said Tuesday that while economic recovery has begun and seems to be "more than a flash in the pan," there are many factors that call into question the durability of the recovery.
Speaking to the Phoenix chapter of Lambda Alpha International, Yellen said that temporary government programs that aided in the recovery will not provide an ongoing source of growth, and added that financial institutions still carry bad loans and a hobbled housing market has contributed to weaknesses in consumer spending.
Atlanta Federal Reserve President Dennis Lockhart said Tuesday that the overall objective of economic policy should be to bring about a durable recovery, reduce unemployment and corral inflationary pressures.
Speaking at the Urban Land Institute's Emerging Trends in Real Estate conference in Atlanta, Lockhart said that an economic recovery had been underway since the summer, and cited gross domestic product growth and a rise in consumer spending as positive signs of improving conditions.
In economic news from overseas, economic sentiment in Germany fell more than expected in November, while improvement in current conditions topped economists' expectations, a closely watched report showed Tuesday.
The Centre for European Economic Research or ZEW said the economic sentiment index for Germany fell to 51.1 in November from 56 recorded in October. Meanwhile, economists had forecast a decline to 55.
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