Dollar wanes as finance ministers meet

09:02, October 09, 2010      

Email | Print | Subscribe | Comments | Forum 

The dollar traded near an eight-month low against the euro Friday, and stock markets slid ahead of key US data and as major powers gathered in Washington to avert a damaging global "currency war."

With recovery painfully slow, recent weeks have seen nations from Japan to Colombia intervene to stop their currencies from rising to levels that would make exports prohibitively expensive, sparking talk of a currency war among key trading nations.

"It is a very real threat, and it will be in focus this weekend at the IMF/World Bank series of meetings in Washington," GFT analyst David Morrison said.

In London trade, the euro eased to $1.3914, one day after it had rocketed to $1.4029 - its highest level since late January.

Against Japan's currency, the dollar stood at 82.34 yen, after tumbling Thursday to a 15-year low at 82.11.

European stock markets also fell, with investors on tenterhooks ahead of the release of crucial figures of the US economy, which unexpectedly shed 95,000 jobs in September.

Early this morning, the world's top economic powers were set to gather in Washington and address fears of potentially damaging currency competition amid bleak hopes for a deal between China, the US and other top nations.

Finance ministers and central bankers from 187 countries are convening for the annual meeting of the International Monetary Fund, while confronted by warnings that beggar-thy-neighbor policies could wreck the global recovery.

"Given the recent environment of rhetoric about 'currency wars,' unilateral intervention in foreign exchange markets and the introduction of policies to limit capital flow, there has been a lot of attention focused on what can be expected from this weekend's meetings," Barclays Capital analyst Raghav Subbarao said.

Source: Global Times

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion