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Reviews Columnist Reviews

Monday March 21, 09:45
Dollar rises on anticipation of Fed’s agressive moves and HK official’s urges
(by Julia Jenson)

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Dollar rises on anticipation of Fed’s agressive moves and HK official’s urges The dollar reached a two-week high against the euro rising to $1.3214 from $1.3325 on March 18 in New York,on anticipation of a Fed’s projected increase in interest rates and statement by a Hong Kong monetary official.

Hong Kong Monetary Authority Chief Executive Joseph Yam urged Asian central banks to refrain from a rapid increase in euro holdings and a drop in the reserves of the U.S. currency.

``The euro may become so popular in this region, it may undermine the stability of international finance,’’ Yam said in a meeting of business executives in Hong Kong.

The Fed policymakers have been largely expected to raise the nation’s key interest rate another quarter-point to 2.75% in tomorrow’s poilcy-setting meeting. The greenback has also been supported by expectations of a more agressive stance from the Fed in the coming months.

In contrast, the European Central Bank under the leadership of President Jean-Claude Trichet has preserved the ultra-low 2% level for the euro area since June 2003.


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