The dollar has been getting hammered in recent weeks as renewed concerns about the economy caused many to get out of long dollar positions. However, several positive earnings reports to start the week have helped give the greenback a boost against most major currencies.

The euro has slipped back to $1.2801 after briefly topping $1.30 early in Tuesday’s (July 20) currency trade. The euro had been on a swift moving upward trend against the dollar with around 12 pips gained since its low below $1.19 in early June.

Britain’s Bank of England opted to maintain a half-per cent interest rate policy when it concluded its meeting in the early morning (New York time). The British Pound has been more stable in spite of wild swings in the euro-dollar ratio the last few months. Britain has not been faced with the rampant credit issues many European Union members have faced.

The Pound is currently fetching $1.5213, down from its recent high Tuesday of $1.5340. Still, it remains near the high end of its recent trading range against the US dollar. The Pound has been on a fairly steady uptrend against the buck since it dipped as low as $1.43 in mid-May.

With unemployment and housing concerns taking focus in the last few weeks, the dollar has slipped overall as concerns remain about the US economy. These lingering issues have led to restatements by Fed officials that an extended period of low to no interest rates is likely to continue for some time.

Positive earnings reports from companies including top banks US Bancorp and Wells Fargo, have provided a spark midweek, which has helped the dollar fight back modestly in early Wednesday speculation.

The dollar remains quite vulnerable against its Japanese yen counterpart. One dollar is currently netting 87.04 yen. This puts the buck curiously close to its recent historic low against the yen at 85.365. Mounting dollar concerns combined with seemingly better prospects for a quick recovery in Asia have contributed.

There is still no clear long-term direction for the dollar based on fundamentals. The only thing that is certain is that there has not been enough overwhelmingly positive evidence to keep the dollar moving in a positive direction. More positive earnings reports combined with some semblance of hope on the employment and housing fronts are key.