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I had time this afternoon, as I prepare for my TMA presentation tomorrow night here in Hong Kong, to find my clip from yesterday on CNBC, where I suggested the risk of a dollar recovery after it lost downside momentum in North America on Monday.  

There has not been much follow-through today, though the euro broke below $1.08 in late-Asia and is maintaining the break in early European turnover. Sterling is the big mover. It was marked down in early Asia but stabilized and has recouped a third to half of its losses. Benchmark yields are flat to slightly higher, while equity markets are firm.