Treasury Secretary John Snow expects higher U.S. interest rates>>
This guy seems to have foot in mouth disease!
DOW JONES NEWSWIRES
TOKYO -- Dollar bulls saw red in Asia Monday, after a report that U.S. Treasury Secretary John Snow expects higher U.S. interest rates boosted the U.S. unit more than a yen from its early session lows.
In an interview with the Times of London, Mr. Snow said he would be "frustrated and concerned" if U.S. interest rates didn't start rising given the U.S. economy's recent recovery.
Early in the session, the dollar fell below ¥109, to a low of ¥108.79, but it shot up as word of Mr. Snow's comments spread, peaking at ¥109.92 in late trading in Asia.
The dollar was quoted at ¥109.88, above ¥109.44 in New York and ¥109.87 in Tokyo late Friday.
The euro was at $1.1620, lower than $1.1669 in New York but above $1.1603 in Tokyo. Against the yen, the euro was quoted at ¥127.68, compared with ¥127.71 in New York and ¥127.48 in Tokyo Friday.
Sterling was at $1.6725, compared with $1.6749 in New York and $1.6746 in Tokyo Friday.
A senior Bush administration official later sought to clarify the reported comments, saying Mr. Snow was talking about general economic theory and not about U.S. policies.
(No, then what was he talking 'bout?) |
