The Mighty Dollar ?

The dollar came under heavy pressure overnight on growing concerns that central banks would diversify thier reserves out of the U.S. dollar. South Korea came out and said it is planning to do just that, diversify its reserves. South Korea currently holds the fourth largest amount of dollar reserves in the world. Rumours that Taiwan was planning to do the same has sent the dollar to new five week lows against the Euro and seven week lows against Cable.