Most currencies held a strong tone vs the dollar at the close on Tuesday of U.S. hours, but traders stressed this was not a full fledged dollar sell-off, but rather players beginning to diversify into non-U.S. holdings. Looking at movements in currency pairs, it would be easy to say there was a broadbased dollar sell-off, driven in part, by concerns that the U.S. may be recovering in the second half and that the Fed's easing cycle may soon be coming to an end. Traders have been quick to buy currencies whose central banks have followed growth-led policies, analysts said, and if the Federal Reserve Bank were to stop its easing cycle, there would likely be ramifications for the U.S. currency. But traders were quick to point out that individual country stories were the catalyst behind most of Tuesday's currency moves i.e., yen is strong due to Koizumi; Aussie ahead of the RBA announcement, etc. And traders said they saw no reason to think that any currency pair's move was solely dollar related.