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Dollar falls as recovery hopes reduce safety haven demand

Published: 20/05/2009 05:00

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The dollar fell against major currencies on Wednesday as hopes for economic recovery reduced safety haven demand for the U.S. currency.

According to minutes released on Wednesday, policymakers of the U.S. Federal Reserve (Fed) believed the near-term economic outlook was improving when the central bank held its monetary policy meeting late April.

The increased optimism was based on better financial conditions, stronger consumption, and signs that the housing market might be reaching a trough.

The Fed downgraded its economic outlook for 2009, but revised up the outlook for growth in the second half of 2009 and in 2010. Fed officials predicted an annualized growth rate of 2 percent to 3 percent in 2010.

U.S. Treasury Secretary Timothy Geithner said the financial system was “starting to heal” after a period of severe trauma, thanks to the government’s bailout efforts. He said a program for cleansing toxic assets from banks will start over the next six weeks.

The euro bought 1.3807 dollars in late New York trading compared with 1.3650 dollars it bought late Tuesday. The pound rose to 1.5779 dollars from 1.5512 dollars.

The dollar fell to 1.1369 Canadian dollars from 1.1529 Canadian dollars, and fell to 1.0993 Swiss francs from 1.1074 Swiss francs. It fell to 94.89 Japanese yen from 96.14 Japanese yen.

VietNamNet/Xinhuanet

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