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Dollar drops on reserve currency doubts

Posted By admin On June 17, 2009 @ 8:09 am In 1,Money Watch | Comments Disabled

AFP
Wednesday, June 17, 2009

The dollar fell against the euro and yen on Wednesday after major emerging economies cast doubt on its long-term future as the world’s main reserve currency, dealers said.

In late morning trading in London, the European single currency climbed to 1.3867 dollars from 1.3838 dollars in New York late on Tuesday.

Against the Japanese currency, the dollar slipped to 96.30 yen from 96.42 yen on Tuesday.

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Dollar drops on reserve currency doubts 250509BANNER [1]

Leaders of the so-called BRIC nations — Brazil, Russia, India and China — had on Monday called for a “more diversified” currency system.

“The BRIC leaders are divided between supporting the US dollar — as it is the only choice for now — and advancing the march for an alternative,” said Phil McHugh, who heads the corporate foreign exchange desk at currenciesdirect.com.

“The (BRIC) meeting… will affect future sentiment on the dollar,” he added.

Full story here. [2]


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[1] Image: http://prisonplanet.tv/signup.html

[2] Full story here.: http://www.breitbart.com/article.php?id=CNG.5df48ce0851221bad106b502bb21bc48.741&show_article=1

[3] Shocking New IMF Report: The U.S. Dollar Needs To Be Replaced As The World Reserve Currency And SDRs “Could Constitute An Embryo Of Global Currency”: http://www.prisonplanet.com/shocking-new-imf-report-the-u-s-dollar-needs-to-be-replaced-as-the-world-reserve-currency-and-sdrs-could-constitute-an-embryo-of-global-currency.html

[4] Sarkozy Pushes for Abandonment of Dollar as World Reserve Currency: http://www.prisonplanet.com/sarkozy-pushes-for-abandonment-of-dollar-as-world-reserve-currency.html

[5] China To Challenge US Dollar Reserve Currency Status: http://www.prisonplanet.com/china-to-challenge-us-dollar-reserve-currency-status.html

[6] Russia Dumps Dollar as Reserve Currency – Adopts Euro: http://www.prisonplanet.com/russia-dumps-dollar-as-reserve-currency-adopts-euro.html

[7] Medvedev Pushes Ruble Reserve Currency to Cut Dollar Dominance: http://www.prisonplanet.com/medvedev-pushes-ruble-reserve-currency-to-cut-dollar-dominance.html

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