The decision by Saudi Arabia's decision to increase its oil output has helped the dollar to recover some ground this morning.
At 9.54 a.m. the dollar was up against the euro at $1.1948. The euro had also slipped against sterling, trading at £0.6692 this morning.
As a result of the Saudi move, fears of a significant Fed tightening to combat oil price rises have receded as pressure on core CPI inflation eases.
