Markets see Snow comments as green light to sell dollar
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Far from reversing the dollar's slide, comments from US Treasury Secretary John Snow have been taken by markets as a sign that Washington welcomes a weaker currency, to the alarm of eurozone officials as the euro hit new highs.
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The dollar barely moved against other major currencies on Monday morning, with many in the market expecting it to drift in a tight range this week ahead of major events in early February.
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The dollar traded in narrow ranges on Thursday as the market gave a muted reaction to Federal Reserve Chairman Alan Greenspan's indication the previous day that U.S. interest rates would continue to rise.
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The dollar recouped earlier losses against the yen on Thursday, but currencies shuttled in narrow ranges as investors awaited direction from U.S. growth data and comments from Federal Reserve chief Alan Greenspan.
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The United States would like the dollar to strengthen but believes international currency markets should be left to set its value, US Treasury Secretary John Snow said Monday.
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The dollar rebounded on Monday after  last week's heavy sell-off but analysts were uncertain if the  rally would hold after fresh economic data suggested the  December U.S. jobs report due Friday might not live up to  market expectations.
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The euro and Swiss franc both fell  about 1 percent and the Japanese yen shed half a percent in  Asia Monday as the dollar rallied broadly in thin trade.   Holidays in Japan, Australia, New Zealand and London kept  volume low, exaggerating moves, and dealers said there was  nothing particular behind the dollar's rise.  "It seems to be position-squaring across the board in somewhat  thin markets. There is no major news or intervention or  anything like that," said David Simmonds, markets strategist  with the Royal Bank of Scotland.
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The dollar rallied on Wednesday as  investors focused on relative interest rates, which  increasingly were expected to favor the dollar, and reversed  some bets against the currency.
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&quot;Recent comments ... appear to suggest the US authorities are happy to let the dollar fall further, so long as the move is gradual and orderly.
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The dollar firmed against the yen on  Monday after a meeting of the Group of Seven (G7) industrial  nations on Friday offered no surprises and the market turned  its attention to upcoming speeches by U.S. monetary officials.
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The dollar shuffled in tight ranges on  Tuesday as the market looked to U.S. economic indicators due  later in the day for clues about the pace of monetary  tightening.
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U.S. stocks could face a challenge next week to bounce back from Friday's post-Thanksgiving drop unless there's some tempering of the dollar's weakness that sparked the sell-off.
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The dollar marked time ahead of a rush of US data expected to shed more light on the outlook for US interest rates, dealers said.
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The dollar shuttled in narrow ranges  against other major currencies on Friday as investors awaited  upcoming U.S. jobs data for clues on the future path of  interest rates.
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US Treasury Secretary John Snow has said the financial markets should determine the value of the dollar. But speaking in Dublin on the first leg of a tour of Europe, he reaffirmed his policy to support a &#39;strong dollar&#39;.
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What&#39;s going on with the dollar? After falling steadily for the better part of two years, the greenback showed signs of stabilizing in the spring and summer.
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The dollar held on to small gains on  Tuesday as investors remained cautious ahead of a U.S. interest  rate decision and, later in the week, current account data that  could underscore bearish sentiment on the currency.