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Monday, July 21, 2008

dollar slips amid persistent US bank worries

1. Dollar falls on continued worries about U.S. financials
2. Sentiment toward dollar remains cautious
3. Investors watching U.S. earnings, oil prices
July 21 - The dollar slipped on Monday, losing some of its recent momentum, after better-than-expected earnings from Bank of America failed to convince investors that the worst for the U.S. financial sector is over.
The greenback had earlier gained against the yen and pared losses against the euro after Bank of America's second-quarter earnings beat a Reuters Estimates forecast, boosting U.S. stocks.

But investors remained wary ahead of a flurry of bank earnings due this week, including Wachovia (WB.N: Quote, Profile, Research) on Tuesday. The market also focused on a rescue plan for U.S. mortgage giants Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research).

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