The dollar ended this week posting gains versus all 6 major currencies, as another wave of pessimism caused by grim reports in U.S. and U.K. spurred demand for the safety of the greenback.
The dollar is coming to this week’s end advancing against the euro and the pound, after a U.S. report indicated more job cuts than predicted, raising concerns that the global slump may be prolonged for an undetermined amount of time.
The U.S. dollar climbed today after a Chinese Foreign Ministry official stated that the believes in the stability of the greenback, and informed that he is unaware of discussions next week during the G8 meeting regarding eventual substitutes for the dollar as the world main reserve currency.
The dollar started this week’s session rallying against several main currencies after China stated that it may continue to be used as a main reserve currency, and that the Asian nation won’t change its foreign currency reserves suddenly.
The Dollar ended the week losing against several major currencies after China declared this Friday that a supranational currency should be created for regulating international trade, damping demand for the greenback, which is currently the world main reserve currency.
The U.S. dollar had a weak performance today losing against most of the major traded currencies, as stocks rose for a third day, mainly in Asia, damping demand for the greenback.
The U.S. dollar had a day of weak performance losing ground to currencies like the euro and the Australian dollar as speculations that a report to be released this Wednesday will indicate a decrease in durable goods orders, affecting the greenback outlook negatively.
The dollar posted slight losses against currencies like the Singaporean dollar and the yen after speculations that the Fed will not increase its interest rates this year eased the optimist outlook for the North American currency this Wednesday.
The dollar had the highest rise in a week against most of the main currencies after Russian Finance Minister Alexei Kudrin stated that the nation has full confidence in the U.S. currency.
After several days of losses, the greenback rebounded, ending the week with a rather neutral performance before a G-8 meeting, where Timothy Geithner may state in favor of a strong U.S. dollar.
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