Late New York Trading on Monday

The U.S. dollars slipped slightly against major currencies in late New York trading on Monday despite Group of 20 made commitments to avoid “currency wars” in G20 ministerial meeting.

Finance ministers from the G20 called for more market- determined exchange rate systems, the avoidance of competitive devaluations and the pursuit of a full suite of policies to reduce current account imbalances in a statement.

However, the expectation on Fed’s new monetary easing policy offset the positive effect by the G20’s decision.

In early New York trading, the dollar was traded at the level of 80.62 yen, and the euro against the dollar earlier rose as high as 1.4080 and broke through resistance 1.4051, but later fell back.

The market believed the focus now was on the Fed’s November meeting, in which the Fed would probably announce new round of quantitative easing policy.

Analysts said it might announce 500 billion dollars in asset purchases or a bit more over a period of about six months, and the size could eventually reach 2 trillion dollars.

In late Monday trading, the dollar bought 80.85 Japanese yen, comparing with 81.36 late Friday, and the euro rose to 1.3976 dollars from 1.3931.

The British pound also rose to 1.5748 dollars from 1.5669. The dollar fell from 0.9783 to 0.9707 against Swiss francs, and fell to 1.0186 Canadian dollars from 1.0273. (PNA/Xinhua)

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