Bloomberg:The Dollar Weakens
The Dollar Weakens
May 19. Bloomberg reported that the Dollar fell against most of its major counterparts after three U.S. financial firms seeking to return government bailout money fueled speculation banks have sufficient cash, reducing demand for the safety of Dollar-based investments.
Brazil and China not using the US Dollar
Brazil and China will try to use their own currencies, rather than the Dollar, in trade transactions, the Financial Times reported, citing aides to Brazilian President Luiz Inácio Lula da Silva and central bank officials.
What we are talking about now is Brazil paying for Chinese goods with Reals and China paying for Brazilian goods with Renminbi,
Governors of the countries’ central banks will probably meet soon to discuss the matter
A Brazilian Central Bank Official.
The Pound
The Pound appreciated as much as 1.1 percent to $1.5514, the highest since Dec. 18, after ICAP Plc and Marks & Spencer Group Plc posted profit that beat analysts’ estimates, spurring speculation the worst of British recession is over.
The Euro
The Euro earlier strengthened versus the Dollar after the ZEW Center for European Economic Research said its index of investor and analyst expectations, which aims to predict economic developments six months ahead, increased this month to 31.1, a three-year high, from 13 in April.
Australian Dollar
The Australian Dollar advanced as much as 1.4 percent to 77.51 U.S. cents, the strongest level since Oct. 3, as Stevens of the Reserve Bank said in Sydney that Australia “should be in a relatively good position and well placed to take part in a renewed international expansion.”
The Australian Dollar rose to the strongest level since October after Reserve Bank Governor Glenn Stevens said the global recovery may begin “towards the end of the year.” The Dollar dropped against the yen as a government report showed housing starts in the U.S. unexpectedly slid to a record low last month.
The Dollar and the Yen
The Dollar dropped against the yen as a government report showed housing starts in the U.S. unexpectedly slid to a record low last month.
Stronger Won
South Korea’s won rose 0.8 percent to 1,249.25 against the Dollar as overseas investors bought more local shares than they sold for a third day. It extended gains in the past month to 6.6 percent, the best performance among the 10 most actively traded Asian currencies tracked by Bloomberg. The won reached 1,225.97 on May 11, the strongest level since October.
The New Zealand Dollar
The New Zealand’s Dollar gained 1.1 percent to 60.15 cents.
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