Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (158372)	2/22/2005 1:23:36 PM
From: sylvester80	Respond to of 281500

NEWS: ASIAN COUNTRIES START DUMPING U.S. DOLLARS!!!! Bush has turned the U.S. into a banana republic. NEWS: U.S. dollar slides against the euro, yen South Korea’s national bank to diversify foreign exchange reserves The Associated Press Updated: 9:37 a.m. ET Feb. 22, 2005 BERLIN - The U.S. dollar fell sharply Tuesday against major rivals, lifting the euro above $1.32, amid news that South Korea’s national bank plans to diversify its foreign exchange reserves, currently worth about $200 billion, in part to include more currencies. The 12-nation European currency rose to $1.3216 in European trading, up from about $1.3060 late Monday. The dollar also tumbled to 103.88 Japanese yen, down from 105.56 yen late Monday. The British pound gained to $1.9123 from $1.8964. “Markets been worried for a long time about this diversification of reserves by Asian central banks,” said Lee Ferridge, currency strategist at Rabobank in London. European markets also were reacting to the dollar’s retreat against the yen in Asia after news that communist North Korea had showed a conditional willingness to return to the six-party talks, a forum to resolve the ongoing crisis over the country’s nuclear programs. With financial markets still worried about the U.S. budget and trade deficits despite recent upbeat data on the U.S. economy, President George W. Bush’s visit to Europe appeared to be having little impact on the markets. “We’re in a phase of dollar weakening again,” said Commerzbank currency analyst Carsten Fritsch. “Those deficit problems are not really solved and no near-term solution appears in sight.” “In the market’s current mood, I can’t imagine that Bush can rally a change of opinion” about the dollar, he said. URL: msnbc.msn.com