Friday, June 5, 2009

Dollar Declines as Nations Mull Reserve Currency Alternative

Oliver Biggadike and Chris Fournier
Bloomberg
June 2, 2009

The dollar weakened beyond $1.43 against the euro for the first time in 2009 on bets record U.S. borrowing will undermine the greenback, prompting nations to consider alternatives to the world’s main reserve currency.

The 16-nation euro gained for a fourth day versus the dollar as the Russian government said emerging-market leaders may discuss the idea of a supranational currency. The pound rose to the highest level since October and the Canadian dollar traded near an eight-month high on speculation signs of a recovery in U.S. housing will spur higher-yield demand.

“There’s been a lot of talk out of Russia about a new global currency, and that’s contributing toward this latest bout of dollar weakness,” said Henrik Gullberg, a currency strategist at Deutsche Bank AG in London. “These latest comments are just adding to the general dollar weakness we’ve seen recently.”

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1 comment:

  1. AnonymousJune 6, 2009 at 11:21 AM

    wonderful scenario is awaiting for the US economy ...we are fucked to say the least the dollar is doomed , you better start stocking up in gold

    ReplyDelete

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MARC FABER NEWS

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