Corporate foreign exchange news

Foreign exchange news: Dollar suffers after G20 meet

Tuesday, 10 November 2009 07:47:01 GMT

The US dollar languished during trading yesterday (November 9th) following the resolution of a G20 meeting held over the weekend.
During the talks, the weakness of the dollar remained largely off the agenda, indicating the lack of concern about the health of the currency among member-nations.
Speaking to Reuters, Paul Mackel, senior currency strategist at HSBC in London, reflected that the G20 meeting did little to support the case for a more hawkish stance on US interest rates.
"It really is a true expression of how poor dollar sentiment is right now," he commented.
Reacting to the announcement that G20 nations would continue to pursue economic stimulus programmes, foreign exchange brokers and investors helped push the euro and high-yielding currencies up against the dollar.
Strong industrial output figures from Germany also provided support for the single currency, helping it above the $1.50 mark.
Meanwhile, the IntercontinentalExchange's Dollar Index showed the dollar at a 15-month low against its three major competitors, the yen, euro and sterling.ADNFCR-2522-ID-19451024-ADNFCR
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