Dollar slides on Ireland hope

08:27, November 19, 2010      

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The U.S dollar slid against major currencies in late New York trading on Thursday as Ireland might get help from other European countries and International Monetary Fund (IMF).

Ireland's central bank chief Patrick Honohan said on Thursday he expected Dublin to receive tens of billions of euros in loans from European partners and the IMF to provide contingency capital for its shattered banks.

The euro climbed above 1.36 in early trading session against the dollar, and hit a session high of 1.3668, away from a seven- week trough of 1.3446 set on Tuesday.

However, the rebound of the euro might short-lived to some investors as they still concerned the debt problems may spread to the rest of Europe.

Some analysts said that even if a quick resolution is reached over Ireland, market participants would fret about other peripheral euro zone economies and their debt levels, with Portugal thought to be in the market's sights.

The dollar index dropped to near 78.50, off Tuesday's seven- week high of 79.461.

In late Thursday trading, the dollar bought 83.48 Japanese yen, compared with 83.28 late Wednesday, and the euro rose to 1.3627 dollars from 1.3522.

The British pound rose to 1.6004 dollars from 1.5899. The dollar dropped from 0.9920 to 0.9880 against Swiss francs, and fell to 1.0186 Canadian dollars from 1.0236.

Source: Xinhua


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