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U.S. DOLLAR: Outcome Of BRIC Summit
By admin on June 16, 2009
After Monday’s sharp gains, the U.S. dollar ended the NY trading session slightly lower against its major counterparts. The sharpest sell-off for the dollar was against the Japanese Yen while the smallest was against the Australian dollar. However the relatively modest correction in the greenback masked a significant amount of intraday volatility. The dollar actually sold off aggressively in the Asian and European trading session after Russian President Medvedev said he would bring up reserve diversification at the Summit. However all of the speculation yielded nothing as the final statement contained no surprises. As a result, the dollar rallied on the relief that the nations holding more than 40 percent of global currency reserves do not plan on openly dumping U.S. dollars in the near future.
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