Forex News: Profit taking is pushing the USD higher, reversing early losses that were driven by the latest concerns over US financial institutions and another upturn in risk aversion. A continued uptrend in crude oil prices didn't help USD sentiment either. However, investors appear reluctant to push the USD too much lower ahead of testimony by Fed's Bernanke and Treasury Secretary Paulson. Also, there is concern that ECB President Trichet will repeat his suggestion that second round inflation effects are showing through. He speaks in Munich later in the day. The USD is up at Y107.18 while the EUR is down at $1,5727. The GBP is down at $1.9763 as the market waits for confirmation that the Bank of England is leaving its interest rates unchanged.
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