Fed's Plosser Comment Helps Strengthen U.S. Dollar

By James A. Hyerczyk
22 July 2008 @ 07:08 pm EDT

The EUR USD reversed an earlier uptrend to close lower for the day. The Dollar rose as Treasury Secretary Paulson reiterated his call for a strong Dollar, saying it is "really very important." Paulson’s speech was essentially a call for confidence in the U.S. financial markets. In his speech Paulson said he was "confident" that law makers will pass a bill to "boost confidence" in Fannie Mae and Freddie Mac.

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