London (Thomson Financial) - The U.S. dollar fell against the major currencies, falling by new income than expected results Wachovia Corp. outside the United States

The trade is still very low, but in one day rest in terms of economic data that the quiet summer is in full swing, with the investors who try to justice and the markets for direction.

‘US its results for Wachovia (NYSE: WB - news - people) are considered less well than expected, which supports the euro and the dollar, “said Matthew Foster-Smith at Thomson IFR Markets.

A 11:20 GMT the euro was trading at $ 1.5938, after it fell to around U.S. $ 1.5907 at around 9:25 am GMT. At 8:19 GMT, the euro cheaper in the vicinity of $ 1.5935.

The dollar could not back losses on Monday evening as a recovery in oil prices and disappointing, American Express (NYSE: AXP - now - people) have an impact on the profits of stock exchanges.

Mic Mills, a shopping street TradIndex, said of the big remaining one U.S. dollars lower, with the markets to react tend to the bad news is not good.

“At the moment there is the good news seems to be buried and the bad news,” he said.

During this time was also the pound against the U.S. dollar closed trading at $ 2.0037 against $ 2.0071 around 8:19 GMT, while the euro was at 0.7938 pounds, a decline of 8.19 to 0.7950 GMT.

In his speech in testimony before the members of the Committee early in the Treasury, the Bank of England, Mervyn King, governor has no comment on monetary policy. The markets are now on Wednesday the release of the minutes of the monetary policy meeting two weeks ago, when interest rates were left up to 5.00 percent.

Most wait until the dove David Blanchflower remains the only member of the sanitary installation, to reduce tax rates and focuses attention on where the majority is stronger higher rate to combat rising inflation, or the lower premium because of the Fears that the economy could be a recession.

Later in the week will be the transition to the euro zone, with the key German Ifo and the euro zone PMI surveys to be done.

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