Traders likely on alert for move to support dollar

07/24/2008 | Financial Week

Although the global foreign exchanges have become massive, concerted efforts by central banks can still sway the market. Traders are expected to watch closely for a global move to support the weakening dollar. "If the currency market is a casino, the central banks are the house," said Neil MacKinnon, chief economist at ECU Group. "Although they don't have the firepower to match the daily trading volumes, all it takes is for them to intervene. It doesn't really matter what the size is." In 2000, monetary authorities in the U.S., Japan and Europe rallied to back the euro.

View Full Article in:

Financial Week

Published in Brief: