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The dollar saw little movement versus most majors Wednesday morning, but continued to drift lower against the resurgent sterling as the shock of Dubai's debt crisis has all but worn off.
Dubai is reportedly in talks to restructure $26 billion of debt, easing concerns about UK lenders' exposure to the Emirate's debt .
The dollar fell to 1.6700 versus the pound, giving back all of its gains from late last week. With the loss, the buck eased back toward November's 3-month low of 1.6877.
Meanwhile, the buck continued to stabilize versus the yen as yet another Japanese official signaled concerns about the impact of the rising yen on the nation's export-driven economy.
Japanese Prime Minister Yukio Hatoyama was the latest to talk the currency down, a day after the Bank of Japan voted unanimously to offer about 10 trillion yen ($115.8 billion) in short-term loans to commercial banks. Also, the central bank retained its key rate at near zero.
The dollar fetched Y87.15, staying away from a 1995 low of 84.80 set last week
The buck also fell no further versus the euro, holding near 1.5100. Rising stocks and speculation that the interest rate gap between the US and EU would soon widen drove the dollar to a 16-month low of 1.5143 last week.
Eurozone producer prices surprisingly rebounded 0.2% on the month in October, leaving the annual change at -6.7%, compared to -7.6% in September.
Looking at today's economic calendar, traders may focus on a private employment report from payroll processor ADP, looking for hints of what to expect from Friday's monthly jobs report from the Labor Department.
The Fed's economic comments in the latest Beige Book report may also garner some attention.
Yesterday, Philadelphia Federal Reserve President Charles Plosser said that the Fed will have to begin tightening monetary policy in order to convince markets that it is serious about keeping inflation in check.
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