Wachovia earnings cause the US Dollar to drop

The dollar has dropped against most of the major currencies, this was the result of the news that Wachovia Corp earnings were less than forecast.

Trade has been subdued, the day is very quiet in terms of economic data, this is to be expected as the quiet summer period is now in full swing.

Investors are now looking to equity and commodity markets for a better direction. Wachovia Corp earnings seems to have hit the US markets hard.

As of 11:20 a.m. GMT, the euro was trading at $1.5938, at 9:25 a.m. GMT. The euro was at $1.5907.

The rebound in oil prices and disappointing American Express earnings were also a contributing factor in to the poor dollar.

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