Ahmadi-Nejad and Chávez delight in ‘empire’s collapse’
Posted on November 20, 2007 | Filed Under Uncategorized
President Mahmoud Ahmadi- Nejad of Iran teamed up with his anti-US Venezuelan “brother” Hugo Chávez yesterday to agree to establish a joint bank and a fund for industrial co-operation.
No further details were disclosed but Mr Chávez said other nations might join the bank and the fund later on.
Mr Chávez was on a brief visit to Tehran after attending an Opec summit in Riyadh, where both presidents pushed for the cartel to consider pricing oil in currencies other than the US dollar, and Mr Ahmadi-Nejad called the currency a “worthless piece of paper”.
The Venezuelan president echoed his Iranian counterpart’s view at a press conference in Tehran: “Soon we won’t talk about dollar any more because dollar is falling and will be followed by the collapse of dollar empire . . . and the US empire.”
Mr Ahmadi-Nejad, welcoming Mr Chávez to “his second home”, said “the agreements would help form a network for co-operation and . . . strategic unity
read the rest published by FT here:
http://www.ft.com/cms/s/0/f449ae80-9709-11dc-b2da-0000779fd2ac.html
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China voices alarm at dollar weakness
Posted on November 19, 2007 | Filed Under Uncategorized
China on Monday expressed concern at the decline in the dollar, joining a growing chorus of global policymakers alarmed by the weakness in the world’s main reserve currency.
Wen Jiabao, the premier, told a business audience in Singapore it was becoming difficult to manage China’s $1,430bn foreign exchange reserves, saying their value was under unprecedented pressure. “We have never been experiencing such big pressure,” Mr Wen said, according to Reuters. “We are worried about how to preserve the value of our reserves.” China keeps the currency composition of its reserves a state secret, but some analysts believe that more than two-thirds are probably still held in dollars.
The dollar has dropped 16 per cent this year against a basket of major currencies.
read the rest published by FT here:
http://www.ft.com/cms/s/0/8b1c17dc-96d1-11dc-b2da-0000779fd2ac.html
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Dollar Slumps to Record on China’s Plans to Diversify Reserves
Posted on November 7, 2007 | Filed Under Uncategorized
Chineese finally dump the dollar.
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Nov. 7 (Bloomberg)
The dollar fell the most since September against the currencies of its six biggest trading partners after Chinese officials signaled plans to diversify the nation’s $1.43 trillion of foreign exchange reserves.
The New York Board of Trade’s dollar index dropped to 75.21 today, the lowest since the gauge started in March 1973. The U.S. currency declined more than 1 percent against the euro, yen, Canadian dollar and Swiss franc, and almost as much against the British pound and the Swedish krona, the basket’s components.
read the rest published by Bloomberg here:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aMPLuto8wxK4&refer=home
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Dollar at All-Time Low
Posted on November 4, 2007 | Filed Under Uncategorized
we made a new low on Friday.
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Dollar Falls to Record Low Versus Euro on Credit Concern
Posted on November 3, 2007 | Filed Under Uncategorized
Nov. 3 (Bloomberg) — The dollar fell to a record against the euro and dropped to the weakest since 1981 versus the pound on concern deepening credit-market losses will prompt the Federal Reserve to reduce interest rates a third time this year.
Investors sold the dollar for a fourth week versus the euro as German bunds widened their yield advantage over Treasuries to the highest since 2004 after the Fed’s rate cut on Oct. 31. The European Central Bank and Bank of England are forecast to keep borrowing costs unchanged Nov. 8, which may entice investors away from U.S. assets.
“The dollar’s negative tone remains,” said Robert Fullem, vice president of U.S. corporate currency sales at Bank of Tokyo- Mitsubishi UFJ Ltd. in New York. “I don’t think there are many dollar buyers there. The interest-rate differential continues to move against the dollar.”
The dollar fell 0.8 percent this week to $1.4504 per euro, reaching $1.4528 yesterday, the weakest since the European currency’s debut in January 1999. The loss this week extended the dollar’s decline this year to 9 percent. The dollar lost 1.8 percent against the pound for the week and touched $2.0897 yesterday, the lowest since May 1981.
read the rest published by Bloomberg here:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aq3Tswu9se3c&refer=home
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