U.S. dollar mixed against major currencies
www.chinaview.cn 2008-11-11 09:33:17   Print

    NEW YORK, Nov. 10 (Xinhua) -- The U.S. dollar was mixed against major currencies on Monday as China's massive economic stimulus boosted confidence in financial markets while recession worries still dominated foreign exchange trading.

    China said Sunday it will loosen credit conditions, cut taxes and embark on a massive infrastructure spending program in a wide-ranging effort to offset adverse global economic conditions by boosting domestic demand.

    The stimulus package estimated at 4 trillion yuan (about 570 billion U.S. dollars) will be spent over the next two years to finance programs in 10 major areas, such as low-income housing, rural infrastructure and public utility.

    The plan sent major stock markets in Asia and Europe higher on Monday. Wall Street opened higher, also helped by news that the U.S. government is providing another 40-billion-dollar financial assistance to insurance giant American International Group Inc. (AIG).

    But worries over a global recession took over in late trading. The euro and the pound gave back gains as risk appetite in foreign exchange market faded. Analysts said the dollar and the yen would remain strong as economic outlook remains cloudy.

    The euro bought 1.2764 dollars in late New York trading compared with 1.2746 dollars it did late Friday. The pound fell to1.5602 dollars from 1.701 dollars.

    The dollar rose to 1.1789 Swiss francs from 1.1774 Swiss francs, and fell to 97.88 Japanese yen from 98.11 Japanese yen. It rose to1.1934 Canadian dollars from 1.1878 Canadian dollars.

Editor: Wang Hongjiang
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