Dollar Mixed against Major Currencies

The dollar was mixed against major currencies on Thursday after comments from U.S. top economic officials mildly helped the greenback in credit worries.

The dollar was under pressure of renewed credit worries after shares of Fannie Mae and Freddie Mac, the largest sources of financing for U.S. home loans, tumbled on capital concerns. Stocks of the two government-sponsored lenders plunged to the lowest since 1991.

U.S. Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson urged Congress on Thursday to give them new regulatory tools to better protect the country from economic and financial havoc if a major Wall Street firm were to fail.

They endorsed creating new procedures by which the government can guide an orderly liquidation of a failing investment bank in an effort to minimize any fallout that might be inflicted on the broader financial system and the overall economy.

The euro bought 1.5783 dollars in late New York trading compared with 1.5746 dollars it bought late Wednesday. The British pound fell to 1.9775 dollars from 1.9818 dollars.

The dollar fell to 1.0275 Swiss francs from 1.0291 Swiss francs, and rose to 107.02 Japanese yen from 106.83 Japanese yen. It fell to 1.0087 Canadian dollars from 1.0111 Canadian dollars.

Source: CRIEnglish