Sen. Chuck Grassely is on CNBC saying that the Geithner confirmation is being delayed to give members time to reflect (and for minority council to do a bit more digging). Uncertainty is hurting the dollar today as the market had been very comfortable with the idea of Geithner ascending to Treasury Secretary from the New York Fed and would prefer to see him confirmed. The devil you know is better than the devil you don’t, as the old saying goes.
Heavy US equity losses and poor retail sales are slowing the dollar ascent versus the euro, along with oversold conditions on the short-term charts. 1.3080 remains very important support near-term and the bounce from just above that level only strengthens that level. 1.3190 is resistance near-by with more at 1.3260.