RTTN:Dollar Steady As World Eyes Slovakia Vote On EFSF
(RTTNews) - The dollar fell no further Tuesday morning after suffering significant looses against their major European counterparts in the previous few sessions, as markets looked to tiny Slovakia for a pivotal vote on Europe's retooled sovereign debt bailout fund.
Slovakia would be the final member of the 17-nation euro area to approve the EFSF. Slovakia's government is scrambling to put together enough votes to OK the expanded rescue package for its profligate neighbors.
The dollar held near $1.36 versus the euro after dropping to a ten-day low near $1.3675 on Monday.
The Eurozone debt crisis has reached a systemic dimension and must be tackled decisively, European Central Bank President Jean-Claude Trichet said Tuesday.
In a hearing on the European Systemic Risk Board, or ESRB, before the Committee on Economic and Monetary Affairs of the European Parliament, Trichet urged national governments to act together swiftly as further delays may aggravate the situation.
Meanwhile, U.K. manufacturing output posted its weakest annual growth rate for 18 months in August. The dollar steadied near $1.5630 versus the sterling, well away from last week's yearly peak near $1.5250.
There was little movement near Y76.50 versus the yen, with the pair stuck in stalemate since the dollar hit a record low Y75.94 back in August.
Aluminum producer Alcoa, Inc. is slated to report third-quarter results on Tuesday, marking the unofficial commencement of the earnings season. Analysts expect the Dow component to earn $0.22.
