SCOREBOARD: Dollar doozy

Wall Street slid as the US dollar rebounded and hit currencies around the world, including the Australian dollar.

When I first looked at the price action last night and saw the Australian dollar down 2 cents since yesterday afternoon, I thought okay, here we go – some fat finger error, 'leaked’ central bank communication out of Wayne Swan’s office, or just something dodge. But it soon became clear that the price action wasn’t a dollar story at all. The euro was down 150 basis points, the British pound was down more than 130 basis points and the Japanese yen shot up from about 98 to 100.

This was more a US dollar rebound story.

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