Forex News: The dollar's dip in the last hour vs euro and yen is "a reflection of and clearly watching performance of the Dow Jones Industrial Average this morning," said Carl Forcheski of Scotia Capital. "In the short term, I'm watching the Dow moving average line." He added: "The moves by the government were probably due, to shore up investor confidence of course, but we still have unfolding economic deterioration, inflation concerns and oil concerns. There needs to be a lot of healing and repair." Recently, Mon morning in NY, EUR/USD was at 1.5886 from 1.5931 late Friday. USD/JPY was at 106.40 from 106.34.
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