Dollar rises after G-7 call
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E-mail Xinhua, June 6, 2012
The U.S. dollar rose against most major currencies in late New York trading on Tuesday as the euro fell after the Group of Seven teleconference on Europe's sovereign debt and banking crisis failed to issue a joint statement.
Group of Seven finance ministers and central bank governors agreed to closely monitor developments in Europe, but there was no joint Group of Seven statement after the call.
Mitul Kotecha, head of global foreign-exchange strategy at Credit Agricole, said Group of Seven officials were "expected to put more pressure on European leaders to act."
Meanwhile, Spain's Treasury Minister Cristobal Montoro said that at current rates, financial markets were effectively shut to Spain, raising concerns that the situation of Spain's banking sectors will deteriorate.
The euro turned down against the dollar on Tuesday, after a short-lived rebound on Monday. The dollar gained on weak euro. The dollar index rose 0.252 to 82.913 on Tuesday.
In late Tuesday trading, the dollar bought 78.73 Japanese yen, compared with 78.34 from late Monday. The euro fell to 1.2446 dollars from 1.2494.
The British pound also fell to 1.5369 dollars from 1.5385. The dollar rose from 0.9613 Swiss francs to 0.9651, but fell to 1.0384 Canadian dollars from 1.0396.
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