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The dollar is heading back to battling to return to unchanged on the day currently standing at $1.2725 against the euro despite the weakest reading in German business and consumer confidence in 26 years. The Munich-based IFO survey of 7,000 respondents came in at a weaker than expected 82.6 for January. Euro bulls appeared to take solace from the rebound in the expectations component, which rose from 79.5 to 80.9. The real drag on the overall reading was the pain inflicted by the harsh realty of today's economy in which manufacturers continue to shed employees and shutter factories. Currency markets tried to look hard right through the absolute reading but alone couldn't bear the weight of euro sellers.
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