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Dollar Makes Comeback as Banks Predict Intervention

Greenback back above 100 yen, gains on euro

By Jason Farago,  Newser Staff

Posted Mar 14, 2008 8:17 AM CDT
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(Newser) – The dollar made a recovery today after yesterday's disastrous fall, pulling back above 100 yen and gaining against the euro and the pound. The greenback's advance comes as securities firms speculated that the Fed and other central banks will collaborate to safeguard the dollar for the first time in 13 years. "The market is certainly on intervention watch," a currency trader told Bloomberg.

Yesterday saw the dollar hit a record low of $1.56 against the euro, approach parity with the Swiss franc, and fall below 100 yen for the first time since 1995. The Japanese finance minister said today he was worried about any further fall in the dollar's value, and UBS reported that a meeting of G7 treasury secretaries in Washington next month may launch an international effort to kick-start the lagging US currency.

A Tokyo money dealer works by a currency indicator showing the U.S. dollar is traded at between 100.77 and 100.82 yen Friday, March 14, 2008.
A Tokyo money dealer works by a currency indicator showing the U.S. dollar is traded at between 100.77 and 100.82 yen Friday, March 14, 2008.   (AP Photo/Katsumi Kasahara)
A U.S. one dollar note is seen among other foreign currencies at Foreign Currency Express in downtown Los Angeles.
A U.S. one dollar note is seen among other foreign currencies at Foreign Currency Express in downtown Los Angeles.   (AP Photo/Nick Ut)
William Leroy, owner of Billy's Antiques & Props, holds a 50 euro note on Wednesday, Feb. 27, 2008 in New York. Leroy accepts the European currency at his shop.
William Leroy, owner of Billy's Antiques & Props, holds a 50 euro note on Wednesday, Feb. 27, 2008 in New York. Leroy accepts the European currency at his shop.   (AP Photo/Mark Lennihan)
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The future of the dollar: the short view
Financial Times (UK)

Morgan Stanley, Goldman Sachs both predict intervention
Times (UK)

 
Ben Bernanke • Federal Reserve • euro • yen • US dollar • Swiss franc

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