Pound Sterling – UK Markets

Sterling currency exchange rates continue to fall this morning despite positive housing figures from Nationwide, with the pound falling against its major currency partners. Sterling is currently valued at 1.62 against the US dollar and 1.13 against the euro.

Further losses for the pound yesterday put sterling’s decline as the longest since January against the single currency. The price of UK bonds fell to a record low and the German IFO business climate improved, pushing the euro even higher against sterling. A correction is expected for the pound at some stage, though when this will occur is difficult to say. Nationwide figures show UK house prices gained 1.6% in August, climbing for the fourth consecutive month, while total business investment is down -10% for the second quarter.

US Dollar – US Markets

US currency exchange rates gained over 1% against the pound yesterday after downbeat US figures limited risk appetite. This morning the US dollar is trading at 0.70 against the euro and 0.61 against the pound, while climbing against its European currency partners.

Markets were underwhelmed yesterday by durable goods orders in the US, which rose 4.9% in July, slightly lower than market expectations. However these figures support the idea that the US is recovering across a wide range of sectors and economists are predicting the world’s largest economy will return to growth in the third quarter. GDP figures for the second quarter and initial jobless claims will be a source of currency volatility today.

Euro – European Markets

Currency exchange rates for the euro remain bullish, with the single currency posting its longest rally against the pound since January. The euro has climbed to 0.87 against the pound and dipped slightly to 1.42 against the US dollar.

German data continues to exceed market expectations with the consumer price index rising 0.3% in August. Positive IFO figures triggered a euro rally yesterday and economists are expecting the German economy to support sustained growth by mid 2010. German consumer confidence this morning rose to a 15-month high and EMU consumer, economic and industrial confidence figures are due tomorrow.

Other Currencies – Highlights

A rise in risk aversion following modest US data limited currency exchange rates for the Australian dollar yesterday, sending the Aussie lower against its major currency partners. A 3.3% rise in Australian business investment in the second quarter has added to the view that Australia is recovering, though the Australian and New Zealand currencies remains particularly susceptible to global risk appetite.

Currency exchange rates for the Japanese yen have climbed this morning, due to increased demand for the safe haven while risk appetite remains weak. Unemployment has risen to 5.5% Japan, while consumer prices are declining and export levels have fallen for ten consecutive months. The Japanese election is due soon and the yen could remain strong in the run up to this.

Pound Sterling – UK Markets

Sterling currency rates touched on a 10-week low against the single currency yesterday, falling to 1.1410 in the midst of weak market sentiment. This morning the pound continues to fall, trading at 1.13 against the euro and 1.63 against the US dollar.

Sterling sentiment remains extremely weak at present, due to the absence of positive UK data and growing levels of government debt. The rise in German business confidence has led to increased pressure on the pound, though economists are speculating this could be positive for sterling as a euro recovery, combined with weak exchange rates will help stimulate UK exports. The next two days are light for UK data with GDP figures released on Friday.

US Dollar – US Markets

The US dollar rose for the fifth consecutive day against the pound, as markets responded favourably to the news that Ben Bernanke would be appointed a second term as Fed chairman. This morning US currency rates are valued at 0.69 versus euro and 0.61 against the pound, while declining against the yen, Australian and New Zealand dollars.

US consumer confidence figures released yesterday show confidence rose for the first time in three months, reaching 54.1 and topping the 50 mark which separates negative from positive data. House prices however, continued to decline, falling 6.1% in the second quarter despite a 0.5% rise in the month to July. Today new home sales figures and durable goods orders will be of interest to US markets.

Euro – European Markets

Euro currency rates have continued to rally this morning, gaining a further 0.3% on the pound and 0.15% on the US dollar. The single currency has also gained against its Asian and European currency partners, touching on 0.84 against the pound and 1.43 against the US dollar.

The German IFO business climate survey has risen to 90.5 in August, while expectations have also risen to 95. The German import price index came in at -0.9% on the month but overall, the euro is stronger due to dramatically improved sentiment in the eurozone. There is no further data in the eurozone today, with economic, consumer and industrial confidence released later in the week.

Other Currencies – Highlights

In Japan export levels have declined in July, falling for the tenth straight month sparking fears that the effects of global stimulus packages may be beginning to wane. Export levels fell 37.5% in July, more than the 36.5% recorded in June. Currency rates for the yen have climbed against the pound, euro and US dollar this morning.

Annual inflation rates in Brazil have slowed for the third consecutive month, prompting speculation that the central bank will keep interest rates low until mid 2010. Currency rates for the Brazilian real fell 1% against the US dollar following the news, and are currently trading at 1.86 per US dollar.

Pound Sterling – UK Markets

Sterling foreign exchange rates have spiked against the US dollar this morning, rising above 1.69 on the back of positive economic data. The pound has also risen against its international currency partners, trading just below 1.18 against the euro.

The UK service sector PMI has expanded to 53.2, ahead of market expectations in July. Manufacturing production has also expanded by 0.4% adding further evidence to the case that the UK economy is on the road to recovery. This will be good news for the Bank of England who will make a decision regarding interest rates and quantitative easing levels tomorrow.

US Dollar – US Markets

Foreign exchange rates for the US dollar are mixed this morning, trading in choppy ranges against the euro and pound recently as risk appetite fluctuates in the market. This morning the greenback is valued at 0.58 versus the pound and 0.69 versus the euro.

Today is packed with US data that is likely to cause more currency volatility. Employment change, factory orders and ISM manufacturing data are released, to be followed by initial jobless claim figures tomorrow. These will help contribute to economic sentiment in the world’s largest economy and are likely to influence global risk appetite. If positive, this could influence the US dollar and yen negatively.

Euro – European Markets

Foreign exchange rates for the euro are also mixed, with the single currency climbing against the Australian and kiwi currencies while losing ground to the pound, yen and US dollar. The euro is currently valued at 1.43 against the US dollar and 0.84 versus the pound.

European retail sales shrunk -0.2% in June, contracting at an annual rate of -2.4%. The European service sector PMI has also noted a modest rise, climbing to 45.7 showing that the 16-nation eurozone could be beginning to climb out of recession. European stocks have climbed this morning in response to the news. An interest rate decision from the ECB is due tomorrow.

Other Currencies – Highlights

Australian foreign exchange rates have dipped from their yearly high as investors hedge risk ahead of unemployment figures released tomorrow. This has led the Australian dollar to reverse some of its gains from speculation that the Reserve Bank will raise interest rates by the end of the year. The New Zealand unemployment rate is also due tomorrow and this could limit appetite for the South Pacific currencies.

The Canadian dollar has weakened overnight, after the Canadian finance minister voiced concerns at the rapid rise of the currency. The CAD has recently appreciated to a 10-month high on the back of rising risk appetite, performing the best of 16 currencies against the US dollar last month. The central bank has noted they will verbally intervene if they believe CAD appreciation will inhibit recovery prospects.

Pound Sterling – UK Markets

Sterling exchange rates have recovered ground this morning, as positive UK retail sales figures have led the pound to reverse its losses yesterday following the MPC minutes. This morning the pound has strengthened to 1.65 against the US dollar and 1.16 against the euro.

UK retail sales rose 1.2% in June, on track for a 2.9% increase this year. B&Q, Next and Morrisons have all reported rising sales and healthy forecasts as the summer heat wave boosted spending. While these figures tend to support the view of recovery in the UK economy, retail sales are a volatile statistic GDP estimates due on Friday could provide a better indication. The CBI has reported that 250,000 jobs may be lost in the manufacturing sector as factory orders fell to new lows in July. There is no further data in the UK today with a GDP estimate out tomorrow.

US Dollar – US Markets

US dollar exchange rates have dipped this morning as markets digest Bernanke’s speech and recover a little appetite for risk. The greenback has gained 0.76% against the yen and weakened against the pound and euro, currently trading at 0.6047 and 0.7025.

US markets had a relatively quiet day yesterday with the S&P finishing marginally down despite gains in European equities. The US dollar continued to be supported by risk trading as corporate earnings at Morgan Stanley came in worse than expected, sending the dollar higher against its international currency partners. Home sales and jobless claims are out in the US today and this will likely affect the US dollar exchange rate and risk appetite in the market.

Euro – European Markets

European exchange rates are holding firm this morning, trading at 1.42 against the US dollar and 0.86 against the pound. The euro has sunk against the Australian and New Zealand dollars as investors are prepared to take on limited risk.

The European current account deficit has narrowed to EUR1.2 billion in May, its smallest level in over one year. This is much less than the market expectation of a EUR5.8 billion deficit. Second quarter profits at Credit Suisse, Switzerland’s largest bank, have risen 29% as profits from trading and investments rose. The news sent shares in the bank 3.8% higher and has supported the euro this morning. Today is light for euro data with the PMI for manufacturing and services due tomorrow.

Other Currencies – Highlights

The New Zealand dollar inched closer to a nine-month high against the US dollar yesterday as rises in Asian stock markets boosted New Zealand dollar exchange rates. The Australian dollar also rose to a one-month high against the greenback, gaining to 81.89 US cents.

The Brazilian central bank has lowered interest rates by 0.5% to 8.75%, a new record low in the hope of stimulating the Brazilian economy. Domestic demand is still driving growth in Brazilian, with 4% expansion expected this year. Inflation is currently running near government targets of 4.5%, leading economists to speculate that interest rates could stay on hold at this level for sometime.

Pound Sterling – UK Markets

Sterling foreign exchange rates are mixed this morning, climbing against the US, Canadian dollar and Brazilian real while declining against its European currency partners. The pound is currently valued at 1.63 against the US dollar and 1.16 against the euro.

UK unemployment has climbed to 2.38 million after the biggest quarterly increase on record. ONS statistics show unemployment rose by 281,000 in the three months until May, taking the official rate to 7.6% which is the highest in 10 years. Unemployment in both the US and eurozone is running at 9.5%. Inflation figures yesterday saw the pound strengthen as they added to the view that the Bank of England has room to leave interest rates on hold. There is no further data in the UK today.

US Dollar – US Markets

The US dollar has dropped sharply against the euro this morning, falling 0.6% to 0.71 after the publication of euro inflation figures. The greenback has also weakened against its international currency partners as investors diversify following the equity rally yesterday.

Today US markets are packed with data that will provide a current picture of the US economy and likely affect international foreign exchange rates. US consumer price inflation is due, along with industrial production figures which are expected to decline by -0.9%. This is given the lower number of auto assemblies following the massive downturn in GM and the Chrysler bankruptcy. The FOMC minutes are also due today and this will provide an insight into the Fed’s view of the economy at present.

Euro – European Markets

Euro foreign exchange rates have climbed this morning, breaking through the 1.40 level against the US dollar and rising to 0.85 against the pound. The euro is also stronger against its European currency partners as investors seek an alternative reserve with important US figures due this afternoon.

Consumer prices in the eurozone have fallen for the first time in June, dropping 0.1% from the previous month due to a decline in energy prices and reduced household spending. Despite the falling inflation Eurostat figures show none of the Eastern European nations set to join the eurozone have inflation rates low enough to do so. The maximum current rate for joining the eurozone is 2.6% at present. There is no further data in the eurozone today.

Other Currencies – Highlights

The Bank of Japan has left interest rates unchanged at 0.1% but voted to extend emergency credit programmes until the end of the year to help businesses ride out the recession. Governor Shirakawa said the financial conditions are improving in Japan although confidence remains low and the economy is due to shrink 3.4% this year. The yen has weakened overnight as global confidence improves.

China’s GDP statistics for quarter 2 are out this afternoon. As a key market for commodities and exports, continuing Chinese growth is integral to global economic recovery. Foreign direct investment in China has fallen for the ninth month straight as companies trim budgets to weather the recession.

Pound Sterling – UK Markets

Sterling exchange rates hit a one-month low against the euro yesterday, the third consecutive day of losses as the pound was put on the back foot from weak industrial production and manufacturing data. This morning the pound has declined to 1.6 against the US dollar and 1.15 against the euro, sliding ahead of the interest rate decision tomorrow.

The first round of second quarter GDP predictions has arrived with the NISER predicting the economy will shrink by -0.4%. Halifax house pricing figures released this morning show that prices have declined -15% on the year, with a -0.5 decline in June partially reversing the 2.6% rise in May. Weak UK data is leading to speculation that the Bank of England will add to its quantitative easing programme and this has reduced support for the pound. Today is light for UK data with sterling exchange rates likely to be affected by trade balance and GDP figures out tomorrow.

US Dollar – US Markets

US dollar exchange rates have climbed this morning, continuing gains from recent days on the back of market risk aversion. The dollar is currently valued at 0.71 versus the euro and 0.62 versus the pound.

The G8 summit kicks off today although with Chinese President Hu Jintao delayed, debate over the status of the USD as the premier reserve currency is likely to be put on hold. Recent uncertainty in the market has led investors to flock to the safe haven dollar in droves, quelling doubts over the position of the dollar as reserve for the moment. The Japanese yen has also risen to six-week highs against the euro and pound on the back of uncertainty. Today in the US MBA mortgage application figures are released with jobless claims figures out tomorrow.

Euro – European Markets

Euro exchange rates reached a one-month high against the pound yesterday, boosted by bullish German data and weak figures from the UK. This morning the euro has continued to gain, currently trading at 0.86 versus the pound and 1.39 against the US dollar.

Euro exchange rates received a boost yesterday from German factory orders which unexpectedly jumped to 4.4%. This is in contrast to industrial production figures in the UK, where markets expected a 0.2% rise but in fact got a -0.5% contraction. This morning first quarter GDP figures for the eurozone show the economy contracted -2.5% in the first quarter, in line with market expectations. German industrial production figures are also due this morning and this is likely to provide further insight into how the eurozone economy is faring.

Other Currencies – Highlights

Australian dollar exchange rates reached a three-week high against the pound yesterday as weak figures in the UK and the RBA interest rate decision renewed optimism in the Australian economy. Consumer confidence in Australia also surged by 9% in July and new mortgage lending rose by 2.2%. However despite the positive data, the pound eventually trimmed losses to close the day up against the Aussie dollar following news that Asian economies face a steep climb out of recession. Internationally, appetite for risk is low and this is putting pressure on exchange rates for the Aussie and Kiwi dollar.

Pound Sterling – UK markets

A bank holiday in the UK yesterday saw sterling currency rates weaken against the euro. This morning the pound has recovered these gains, currently trading at 1.13 on the euro and 1.58 against the US dollar.

Last week’s figures showed the UK economy contracted an unrevised 1.9% in the first quarter of 2009. This is largely due to a 5.9% drop in exports leading to significant contraction in the industrial production sector. Also last week the Standard and Poor’s downgraded the UK sovereign credit rating based on the level of government debt as a proportion of GDP. These factors are responsible for the weak trend in Sterling at present as investors worry over government debt levels worldwide. This morning Virgin Atlantic announced it has doubled annual profits, despite rising oil prices and the recession. This is in contrast to British Airways who announced a GBP401 million pre-tax loss for the last year. There are no major announcements in the UK today.

US Dollar – US Markets

With US markets also closed for a public holiday yesterday the dollar lost ground against the euro overnight. This morning this has been recovered as US currency rates have climbed to 0.63 against the pound and 0.71 against the euro.

At present the underlying trend in US markets is negative as investors worry over government debt levels. While recent weeks have brought investors optimism based on recovery prospects, leading to gains in equities and currency exchange rates, the current focus on government debt levels is creating a sense of underlying nervousness in the market. With the Standard and Poor’s last week downgrading the UK credit rating, other countries have now come under the international spotlight. The US budged deficit is also sizeable and this is affecting dollar sentiment. Consumer confidence figures are out in the US today.

Euro – European Markets

With US and UK markets closed for a bank holiday yesterday the euro advanced on both currencies. This morning, these gains have been trimmed as the pound and dollar recover against the single currency. At present, euro currency rates are weaker against the Australian and New Zealand dollar and little changed against the yen and US dollar.

European equities opened on a weak note this morning amid concerns over the North Korean missile tests and debt amongst European banking institutions. Export levels in Germany plunged 9.7% in the first quarter and the economy as a whole contracted 3.8%. Figures released this morning show new industrial orders for the European Monetary Union have fallen by -26.9%. Although significant, this is an improvement on the last quarter and shows the pace of decline is easing. The German consumer price index is out tomorrow.

Other Currencies – Highlights

South Africa’s economy contracted by -6.4% in the first quarter, sending the entire economy into recession as mining and construction were scaled back due to the global recession. This follows a -1.8% contraction in the fourth quarter of 2008, reflecting a sharp downturn in economic activity. This news snapped a decade of growth for South Africa and weeks of gains for the rand, which weakened on the back of the negative figures.

The New Zealand dollar is likely to experience some volatility this week with the release of the annual budget. This could impact on credit ratings also which seem to be in the international spotlight at present.

Pound Sterling – UK Markets

The pound is trading above 1.54 against the dollar this morning, its highest level in 2009 against the greenback. The pound has also climbed above 1.13 on the euro and is up nearly 1% on the yen as improved risk appetite has stimulated demand for the UK currency.

Sterling exchange rates have improved on the back of global recovery prospects, more positive economic data over the last few months has seen investors begin to diversify their foreign currency reserves leading to improved exchange rates for the pound and euro in particular. Throughout the second half of the year as evidence of recovery begins to emerge, we could see more scope for sterling strength against the yen and US dollar. This morning the UK consumer price index has risen by 0.2% for April, climbing 2.3% on the year while the retail price index has also climbed in April, by 0.1%. Profits at retail giant have declined by GBP400 million and the company has slashed its shareholder dividend by one third. UK retail sales figures are due later in the week with the Bank of England minutes out tomorrow.

US Dollar – US Markets

The dollar has weakened against the pound and euro overnight and is trading at lower levels against a basket of international currency partners this morning as improved economic data supports the view that the global economy is stabilizing.

A speech from Treasury secretary Geithner in which he commented that the US economy had stabilised prompted a rally in equity markets yesterday. This boosted currency exchange rates for the higher yielding currencies at the expense of the safe haven dollar and yen. This morning, news that Goldman Sachs, Morgan Stanley and JP Morgan Chase & Co. are planning a USD45 billion refund to the government has added to the view that the banking sector is beginning to recover. US housing starts are due out today and are expected to show an improvement in April as the slump in house prices is beginning to generate buyer interest. Minutes from the FOMC meeting are released tomorrow.

Euro – European Markets

The euro has climbed back to 1.36 against the US dollar and gained against the Japanese yen this morning as improved confidence aids the distribution of funds outside the safe havens. The euro is trading lower against the pound, Australian, New Zealand and Canadian dollars as well as the South African rand.

Yesterday the eurozone posted an unexpected trade surplus in March with seasonally adjusted figures showing exports strengthened by 1.6% in February. Imports increased by 0.4%. While this data shows a significant contraction for trade on the year, it also shows trade is beginning to recover after the eurozone slipped into recession in mid-2008. The euro has also rebounded ahead of the German ZEW economic survey out this morning which is expected to show an improvement in business confidence in Germany.

Other Currencies – Highlights

The New Zealand dollar remains weak this morning as official statistics show the service sector PMI fell from 47.1 to 43.7. Asian equities advanced overnight as a strong Wall Street session yesterday translated into gains for many of the Asian currencies. The euro, pound and US dollar have all gained ground against the yen and the Nikkei index climbed by over 2% yesterday. The Indian rupee has gained another 50 paise against the US dollar to trade at 47.6 this morning as the election of Manmohan Singh’s Congress Party has increased optimism over future economic reforms.

Glenn Stevens, governor of the Reserve Bank of Australia, has claimed the Australian economy will be supported by interest rate cuts and commodity demand from China. The Australian dollar climbed to its highest level in a week against the US dollar, boosting the New Zealand dollar along with it. The Reserve Bank of Australia has predicted the Australian economy is well placed to weather the recession due to its strong commodity orientation and effective economic policy. Consumer confidence and wage price figures are due in Australia tomorrow.

Pound Sterling – UK Markets

Sterling currency exchange rates are little changed overnight. The pound is currently trading at 1.51 against the US dollar and 1.11 against the euro. The pound is also up slightly against its other European, Asian and North American currency partners on the back of improved retail sales figures for April.

British retail sales rose at their fastest level in 3 years in April, jumping 6.3% from the same time last year. This news boosted sterling this morning and added to hopes that the recovery process may be underway. New enquiries in the housing market and house prices have also shown a tentative improvement. An OECD think tank has noted the pace of decline may be easing in France, the UK and China despite the fact that the global economy as a whole remains in deep recession. Industrial production figures for March released this morning show a -0.6% contraction, with manufacturing production declining by -0.1%. Both results are better than expected. The Bank of England’s Quarterly Inflation report is due tomorrow and this is likely to affect the underlying trend in sterling.

US Dollar – US Markets

The dollar is down 0.43% against the euro this morning and has sunk 0.47% against the pound to trade at 0.73 and 0.65 respectively. The dollar has also declined against the Australian, New Zealand, Japanese and Canadian currencies.

Following an eight-week rally, equity markets in the US have returned to a more neutral mode as there remain a number of unknowns in the financial system. Bank of America is reportedly under pressure from US regulators to raise funds and is said to have sold off a 5.8% stake in China Construction Bank for approximately USD7.3 billion. Ben Bernanke in a speech yesterday encouraged firms to raise capital independently. Bernanke also noted that the strong US dollar would help curb inflation in the US and the Federal Reserve will gradually withdraw financial support in a “timely” way. The US trade balance is likely to be the major market mover today.

Euro – European Markets
The euro has climbed to 1.36 on the US dollar, significantly higher than last week’s exchange rate as improved risk appetite has supported the single currency. The euro has also climbed 0.4% on the Japanese yen and Canadian dollar while declining against the pound, Australian dollar and New Zealand dollar.

Germany’s consumer price index came in at a flat 0% in April, rising 0.7% on the year. The fact that Easter fell in April this year is partially responsible for the upturn in economic figures which has occurred across Europe and the UK. The euro is currently trading near a seven-week high on the dollar as economists speculate the ECB could keep interest rates on hold next month. Comparatively high interest rates and reserve status are positive for the euro. Reports of recovery from the OECD are also helping the euro maintain support above 1.3 against the US dollar. EMU industrial production figures are due tomorrow.

Other Currencies – Highlights

The Australian dollar weakened against the pound and US dollar overnight as markets stalled after the rapid gains made in the last few days. The Australian dollar surged to a 12-year high against the pound in the last week on the back of improved commodity prices and appetite for risk. This morning the Aussie dollar has dropped back to 1.98 against the pound.

Industrial production in India has fallen by the most in 16 years as the global recession has forced slumps in growth and production. The Indian government has slashed interest rates and increased government spending in an attempt to stimulate the economy although the Indian rupee remains weak against its international currency partners.

Pound Sterling – UK Markets

Answering questions from MPs at a Treasury committee meeting, Mervyn King, the governor of the Bank of England, has warned against further significant government spending to stimulate the economy. Given the high levels of UK debt as a result of recent stimulus packages, Mr King questioned the wisdom of increasing debt by spending more.

Following yesterday’s surprise jump in British consumer price inflation to an annual rate of 3.2 percent, Sterling fell against the US Dollar and Euro, giving back some of the previous session’s gains as investors reconsidered the unexpected rise in inflation.

US Dollar – US Markets

Barack Obama has told Americans he sees signs of economic recovery, but has urged them to be patient and look beyond their “short-term interests”. The US president said his draft budget would build a stronger economy which would mean America did not face a repeat crisis in 10 or 20 years. Obama’s $3.6tn budget faces its first tests in Congress this week.

Orders for US durable goods are predicted to have fallen in February for a seventh straight month as the global slump in business spending deepened, economists said before the release of data from the US Commerce Department today.

Bookings for goods meant to last several years decreased 2.5%, according to the median forecast of economists surveyed by Bloomberg News, after dropping 4.5 percent in January. A report on new-home sales, also from the Commerce Department, is anticipated to show sales of new houses declined to the lowest level on record.

Euro – European Markets

Germany’s Munich-based Ifo Institute for Economic Research released a German business confidence survey earlier today. The business confidence index has dropped to a historical low of 82.1 in March from 82.6 in February. The Euro has now gained slightly against its major counterparts.

According to research centre ISAE, Italian consumer confidence fell more-than-expected in March as households’ view of the overall economy and employment opportunities slipped. ISAE said the seasonally adjusted consumer confidence index for Europe’s fourth-largest economy dropped to 99.8 from 104 in February, returning to levels last seen at the end of 2008.

ISAE said consumers’ expectations of their overall economic situation fell sharply to 62.1 from 70.4, while views on rising unemployment increased to 115 from 97. Views on their personal situation dropped to 118.3 from 120.7.

Other Currencies – Highlights

Japan’s exports saw a record plunge in February, falling by nearly half compared with a year earlier, according to the country’s finance ministry. In line with forecasts, exports fell 49.4% year-on-year to 3.526tn yen ($36bn; £24.6bn). This data comes after figures for January showed year-on-year exports nearly halved that month as well.

The South African Rand was softer against the US Dollar in early trade today, moving back into the 9.50s, as some nervousness about global stock markets returned to the markets.