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Dollar Recovering from Monday's Plunge

MARKETSCOPE : The dollar was edging up in value early Tuesday, after having plunged Monday amid fears that Asia would reduce its exposure to the U.S. currency.

The dollar index was up 0.29 to the 90.61 level.

Investors waited for news about the U.S. Federal Open Market Committee meeting, when members might make an announcement on interest rates.

Reports were also due to come out on November Retail Sales and Business Inventories.

The euro was off at $1.1920, even though the German December ZEW Indicator of Economic Sentiment jumped to 61.6 from 38.7 in November. The sterling was off at $1.7677, although the U.K. November Consumer Price Index came in unchanged after rising 0.1% in October.

The dollar was up at 120.17 yen in a rebound from Monday's slide. Markets shrugged off a report that Japanese industrial production was unchanged at 0.6% in October revisions, but the shipments reading was revised up to a rise of 1.9% from an initial reading of 1.7%.

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