While the dollar index is tracking lower early today, the definitive rejection of yesterdays strong spike down washout certainly tempers the bear case. Further, it would appear that yesterdays low of 92.70 is some form of important technical level as that level saw 3 consecutive closes clustered at that level and it appears that selling is quickly dried up at that level yesterday. In retrospect, it seems that the dollar has regained interest as a safe haven instrument even though anxiety in the marketplace is currently benign. U.S. claims data from yesterday rekindles fear that the U.S. recovery pace is slowing and it goes without saying that the inability of the U.S. senate and the ECB to provide assistance, adds to interest in the dollar. For the time being, the 92.70 level could be a target but without a very positive economic/psychological headline we doubt the index will punch below that level.