EURUSD - Trends, Forecasts and Implications (Part 3) - page 9
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WASHINGTON, March 2. /Dow Jones/. Federal Reserve Chairman Ben Bernanke said on Wednesday that other currencies are unlikely to take market share away from the dollar as the world's reserve currency.
>"At this stage, I just don't expect a major shift away from the US dollar," he said, speaking before a House committee.
>Bernanke also rejected criticism, particularly from developing countries last year, that the Fed was manipulating the value of the dollar by using loose monetary policy.
>"The /dollar exchange rate/ has not changed significantly at all," Bernanke said.
>The Fed chief also said that the Fed's monetary policy was not contributing to commodity price inflation. "Commodity prices in other currencies have changed about as much as they have in terms of dollars.... ," Bernanke noted.
WASHINGTON, March 2. /Dow Jones/. Federal Reserve Chairman Ben Bernanke said on Wednesday that other currencies are unlikely to take market share away from the dollar as the world's reserve currency.
>"At this stage, I just don't expect a major shift away from the US dollar," he said, speaking before a House committee.
>Bernanke also rejected criticism, particularly from developing countries last year, that the Fed was manipulating the value of the dollar by using loose monetary policy.
>"The /dollar exchange rate/ has not changed significantly at all," Bernanke said.
>The Fed chief also said that the Fed's monetary policy was not contributing to commodity price inflation. "Commodity prices in other currencies have changed about as much as they have in terms of dollars.... ," Bernanke noted.
And ? what conclusions ?...
On a rate hike?
General, on the euro and the dollar?
And ? what conclusions ?...
I agree with that:
At this stage. I just don't expect a major shift away from the US dollar
Total, in euros and dollars.
I agree with that:
At this stage... I just don't expect a major shift away from the US dollar
and rightly so...
+ to yesterday's talk....many countries have made mistakes in their time...including russia....borrowing from the americans in quid...
and rightly so...
+ to add to yesterday's discussion ... many countries screwed up back in the day ... including Russia ... taking loans from the Americans in dollars ...
Tomorrow we will wait for a rate hike and the day after that:
Europe's sovereign debt crisis is back in the spotlight
The European debt crisis is back in the spotlight as Portugal soon has to repay expiring bonds worth more than EUR 4 billion, while yields are stubbornly above 7%. Analysts believe the country won't be able to survive until the end of March without the Stabilisation Fund money.
Commented Bloomberg: "Greece needed help for 17 days after the yield on its 10-year bonds rose above 7%. Ireland was able to hold out for less than a month in a similar situation".
Such a scenario seems inevitable, despite all the spending cuts and tax hikes, says former IMF chief economist Kenneth Rogoff. Stagnating economy and the rising cost of debt servicing forced the economist to tell Cinco dias that Spain will have to ask for help from the Stabilisation Fund, while Greece, Ireland and Portugal will have to restructure their debt.