The dollar stayed on the back foot with investors still anxious about the outlook for both stock markets and oil prices. While Wall Street managed to close up in trading yesterday, gains were modest. Oil prices also eased back but stayed within striking distance of fresh highs. "Given the ongoing geopolitical risks, the bounce in equities and the slight decline in energy prices should not be extrapolated. Investors will remain very nervous," analysts at West LB said. They believe that the risks are for the dollar to fall back further against the dollar and that hawkish comments from the European Central Bank also support this view. But Steven Pearson at HBOS believes the dollar's poor run may be nearing an end especially with the US data next week seen likely to prop up the dollar. The debate on how much further US rates have to go will continue in the meanwhile. That aside, concerns about the structural problems facing the US economy was in focus again -- another factor weighing on the dollar.