1.   An increase in the Japanese surplus undermines the dollar because it means more dollars in the hands of Japanese exporters to sell for yen to bring profits home.

2.   A decision by the German central bank to leave interest rates unchanged also undermined the dollar.

3.   Also undermining the dollar is a recent slump in U.S. stocks.

4.   Higher German rates could undermine the dollar by increasing the appeal of mark-denominated deposits and bonds.

5.   Higher German rates would undermine the dollar by making some mark-denominated assets more attractive.

6.   Higher Japanese interest rates undermine the dollar by making yen-denominated assets such as bank deposits more attractive to investors.

7.   Higher German rates undermine the dollar by making mark-denominated deposits more attractive.

8.   Higher German rates would undermine the dollar by making mark-denominated deposits and bonds more attractive.

9.   Its gains against the Italian lire, Spanish peseta and other currencies have, in turn, also undermined the dollar, traders said.

10.   Its weakness against the yen undermined the dollar against the German currency.