The Euro finished the week modestly higher against the recently-downtrodden US Dollar, rising relatively steadily amidst broad similarly bullish moves in the S&P 500 and other barometers of financial market health. A relatively uneventful European Central Bank interest rate decision arguably boosted financial market sentiment and helped the Euro recover against the safe-haven US Dollar.
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The world’s biggest expected swings in foreign-exchange markets and the euro’s record depreciation are prompting Asian exporters to seek currency controls.
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China on Saturday again defended its foreign exchange policy, dismissing as “baseless” a call by US lawmakers for a probe into the impact of alleged Chinese currency manipulation on American industry.
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Asian nations will form a $120 billion pool of foreign-exchange reserves that can be used by countries to defend their currencies in an expansion of efforts to battle fallout from the global financial crisis.
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The launch of the Gulf common currency, which was due in 2010, may be delayed, a local Arabic daily reported yesterday quoting a senior official of the GCC Secretariat-General.
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The head of the International Monetary Fund turned up the heat on China over its exchange rate policies yesterday, arguing that it was clear that the Chinese yuan was “significantly undervalued”.
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