Markets see Snow comments as green light to sell dollar (afp) [View All]

[Career Prole]

LONDON (AFP) - Far from reversing the dollar's slide, comments from US Treasury Secretary John Snow have been taken by markets as a sign that Washington welcomes a weaker currency, to the alarm of eurozone officials as the euro hit new highs.

Snow's repeated insistence on a tour of Europe this week that the US "strong dollar" policy remains intact has been received with increasing disbelief by dealers, who chased the euro to a new record high of 1.3074 dollars.

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"The selling pressure on the dollar was fuelled... by the comment of US Treasury Secretary Snow that the history of efforts to impose 'non-market valuations on currencies is at best unrewarding and chequered'," said Paul Chertkow, economist at The Bank of Tokyo-Mitsubishi.

"In the absence of a clear statement from Mr Snow that dispels the belief that the Bush administration welcomes the depreciation of the dollar as a means of ameliorating the US current account position, selling pressure on the dollar against the yen appears set to intensify ahead of the G20 meeting."
http://story.news.yahoo.com/news?tmpl=story&u=/afp/20041118/bs_afp/forex_europe

Would you buy used currency fom this man?