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David Powell, strategist at Bank of American in London, commented: "Support for the dollar has waned with repatriation funds drying up and global deleveraging decreasing on signs of stability in currency markets."
Meanwhile, UBS analysts said in a research note: "The tide seems to have turned around in recent sessions, with bad US economic news now hurting the dollar rather than helping it."
Yesterday (December 14th), the White House said it had no immediate plans to bail-out the ailing American car manufacturing industry.
Last week, Congress failed to give the green light to a multi-billion dollar loan package for automakers.
One alternative option available, according to Associated Press, is to tap into the financial rescue bailout fund recently set up for banks.
