The dollar rose against the euro and yen on Wednesday in erratic trade with markets uncertain how a dialogue on currencies will turn out when President George W Bush visits Asia later this week
Published:
16 October 2003 y., Thursday
The dollar hit one-week highs on Tuesday, buoyed by optimism on US corporate earnings. But it then erased all the gains as US stocks made a lacklustre start and after Bush said markets should determine currency rates.
By Wednesday’s mid-European session it was on a firmer footing again, rising a third of a per cent against the euro and yen.
Bush also said he would use his trip to Asia to press China and Japan to stop trying to weaken their currencies.
He attends a summit in Bangkok after visiting Tokyo later this week. "Bush is so public about his desire to ask Asian countries to let their currencies rise. If he comes out empty handed it would be a major loss," said Mary Davis, global currency strategist at Credit Suisse First Boston.
By 1130 GMT, the dollar was up a third of a per cent on the day at $1.1684, after a rise of more than one cent on Tuesday which then caved in during US trading hours. Against the yen it was also up a third of a per cent at 109.30 having climbed more than one yen above 110 on Tuesday.
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