Dollar's rally continues amid European debt problem, G20 summit

The U.S. dollar kept its upward momentum against major currencies in late New York trading on Thursday amid European debt problem and G20 summit.

The euro fell for the fourth straight trading day against the dollar on Thursday. It fell to 1.3637 dollar, a five week low, in late trading session on the same day, as investors worried that the Irish debt problem would spread to the whole euro zone.

G20 summit kicked off in South Korea. Discussion was expected to include exchange rate policies and global economic imbalances. Investors were paying high attention to the G20 summit's progress and its outcome might affect somewhat the price of the dollar.

Timothy Geithner, the U.S. Treasury Secretary, said in an interview that U.S. would not seek to weaken dollar to spur growth, which made investors more confident that G20 summit might reach agreements on global cooperation on exchange rates policies.

In late Thursday trading, the dollar bought 82.43 Japanese yen, compared with 82.13 late Wednesday, and the euro fell to 1.3658 dollars from 1.3782.

The British pound also fell to 1.6114 dollars from 1.6115. The dollar rose from 0.9714 to 0.9752 against Swiss francs, and rose to 1.0041 Canadian dollars from 0.9996.
(Source:xinhua)