US Dollar Dives As Improvement in Investor Confidence Quickly Fades

This morning we saw the US stock market futures had pared losses on news that Mitsubishi UFJ would be buying a 10 - 20% stake in Morgan Stanley, which subsequently provided a boost for the US dollar. However, that sentiment has quickly faded as the majors have continued to rally throughout the morning, with EUR/USD moving up for a test of 1.4690/4700 and GBP/USD targeting 1.85.

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Source: Bloomberg

[/I][B]Currency Performance vs. the US Dollar from September 19 - September 22[/B]
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Source: Bloomberg[/I]