Alexa

Euro falls against dollar to US$1.5560 as Bush voices support for strong currency

Euro falls against dollar to US$1.5560 as Bush voices support for strong currency

The euro fell against the U.S. dollar in European trading Tuesday as U.S. officials, including President George W. Bush, voiced their support for a strong American currency.
The euro bought US$1.5560 in morning European trading, down from US$1.5652 Monday night in New York.
Bush, who is currently on a tour of European countries including Slovenia, Germany and France said Monday that "a strong dollar is in our nation's interests. It is in the interests of the global economy... the long-term health and strong foundation of our economy will shine through and be reflected in currency values."
Bush's remarks were somewhat unusual, as he does not regularly comment on currency matters.
Also on Monday, U.S. Treasury Secretary Henry Paulson said during a television interview that he would not rule out currency intervention as a policy tool in order to steady the dollar.
"I would never take intervention off the table or any policy tool off the table," Paulson said. "I just can't speculate about what we will or won't do."
Meanwhile, New York Federal Reserve President Tim Geithner also weighed in, saying in a speech in New York that the central bank must pay attention to the dollar, and that tighter monetary policy may be necessary.
In other currencies, the British pound also fell against the dollar, buying US$1.9598 in morning European trading, versus the US$1.9751 a pound bought Monday. The dollar rose against the Japanese yen, buying 106.60 yen versus 106.10 yen a dollar bought Monday in New York.
Also propping up the dollar were unexpectedly positive U.S. housing data Monday. The National Association of Realtors' index of pending home sales rose to 88.2 in April, its highest reading since October. The results beat economists' expectations.


Updated : 2021-04-19 06:04 GMT+08:00