* The dollar traded mostly lower on Tuesday as risk appetite increased and US stock price indexes climbed to fresh yearly highs. Federal Reserve Chairman Ben Bernanke said the US recession is “very likely” over but the economy is still weak. US retail sales and producer prices rose more than expected. The S&P 500 was up 3.29 points to 1,052.63. The yen declined for a second day. The euro gained for an eighth consecutive day. The Australian and Canadian dollars advanced on higher commodity prices.
* The GBP/USD fell as Bank of England Governor Mervyn King signaled that the BOE might reduce the rate it pays on bank deposits held at the central bank. King also said the risk to inflation is still on the downside. A lower rate will induce commercial banks to lend more. After breaking its short-term uptrend, the GBP/USD is between the 1.64-area support and the 1.67-area resistance. If the 1.64 support is broken, the GBP/USD outlook will turn more bearish.
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