The dollar finally bucked the recent trend by gaining against the Euro and other major currencies. The dollar index rise to 75.45, up by 0.08 points. Some analysts pointed to some buying of US treasuries as a driver for the rally, with investors seeing them as a safe haven versus the higher yielding, and thus riskier, assets.
- China is passive on the value of the US Dollar according to Bank Governor Zhou Xiaochuan
- Timothy Geithner said at a Washington hearing that he is quite confident that China will move to relax currency controls
- Sterling weakened following the release of official borrowing data highlighted the plight of the UK public finances
- Japan's government officially declared that their economy has fallen into deflation. Weak domestic demand has caused them to enter a mild deflationary phase
- Bill Gross, who runs PIMCO, the worlds' largest bond fund, said yesterday that he felt that the Chinese growth is likely to be hurt by an absence of consumer demand from the US
Major Economic News
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