Traders suspect dollar support discussed at G7 meeting

05/16/2008 | MarketWatch

Currency traders are speculating that finance officials at the G7 meeting last month may have discussed support for the U.S. dollar, which has made significant gains in the weeks since. Senior finance officials have made anonymous press statements about propping up the greenback. An analysis of dollar and euro trades since the G7 meeting on April 11 suggests that the U.S. and Europe may have put pressure on sovereign wealth funds and BRIC nation central banks to halt conversion of some of their dollar-holdings to euro, contributing to the stabilization of the dollar.

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