Market specialists say that the U.S. is happier with a slowly weakening dollar.
&to=http://english.pravda.ru/main/18/89/356/10110_.html' target=_blank>The dollar held near a record against the euro and traded near a seven-month low versus the yen on speculation central banks may be unable to stem the U.S. currency's decline.
"The U.S. is happy with a slowly weakening dollar," said Toru Umemoto, a market analyst in Tokyo at Keio University's Global Security Research Center, headed by former Japanese vice finance minister Eisuke Sakakibara. "It will be difficult for either Europe or Japan to stop it from falling," reports Bloomberg.
According to Washington Post, a further sell-off in the dollar ensued after Snow's remarks. Against the euro, the dollar traded at $1.3048 at one point, the highest level for the common &to=http://english.pravda.ru/printed.html?news_id=10504' target=_blank>European currency since its introduction in 1999. The dollar also lost more than a penny against the Japanese yen, changing hands late yesterday at 104.06 per dollar, the lowest since early April. Against the Canadian dollar, the U.S. currency fell to a 12-year low before recovering later in the day.