The dollar plunged to a four-month low against the euro yesterday after Tim Geithner, US Treasury secretary, said the financial system was “starting to heal” after a period of severe trauma.
The comments boosted confidence that the worst of the economic slowdown has passed and tempered haven demand for the US currency.
“Unless Tim Geithner reiterates the strong dollar being in the US interest, which could work temporarily, or equities come under severe pressure, a turnround for the greenback is unlikely to emerge, to the benefit of commodities and equities,” said Ashraf Laidi at CMC Markets.
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