* The dollar fell versus most major currencies on Tuesday. The dollar index was at a 14-month low and below the 76-handle despite the S&P 500 index declining 3.00 points to 1,073.19. Intel reported strong results after the stock market was closed. The yen rose modestly ahead of the Bank of Japan’s interest rate decision. The BOJ is expected to maintain its key rate at 0.10%. Investors are anxious to see whether the BOJ is considering changing its bond purchasing plan. The euro rose despite a modest decline in European investor sentiment. The Australian and Canadian dollars advanced, adding to recent strong gains as commodity prices climbed.
* The GBP/USD rose on generally better-than-expected UK economic data. Retail sales and housing figures supported the pair, while declining inflation rates limited gains as investors speculated that the Bank of England’s quantitative easing may continue longer than expected to avoid consumer prices falling below the BOE’s inflation target. The GBP/USD is at critical support in the 1.57-1.58 area. If this is broken, the pair may fall dramatically.
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