The dollar rose back towards day highs after initially slipping following a set of weak US economic data, as investors concluded that the figures do little to alter their short-term bullish outlook on the currency. Тhe euro was trading at 1.2062 against the dollar, near day lows of 1.2059. The European currency had briefly touched a high of 1.2177 after the data was released. Against the yen, the dollar rose to 109.39 after touching a low of 109.08 just after the data. "All in all, the market just shrugged off the numbers after an initial knee-jerk reaction," said Gary Noone at Informa Global Markets. Despite the initial reaction to sell dollars, investors remain very bullish on the US currency in the short and medium term, Noone said. "People realise that there is more potential for the dollar to rise in the weeks and months ahead," he said. Today's weak data are unlikely to deter the Federal Reserve from raising US interest rates at a measured pace, while the possibility of a cut in euro zone rates will remain at the back of investors' minds as long as European data remains as poor as it has done recently, he added.