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19.09.2011 17:26

American focus: the dollar retreated from highs against major currencies

The euro weakened to almost a seven-month low against the dollar after European officials failed last week to offer a plan to halt the region’s debt crisis as Greece struggles to avoid default.

The dollar rose against all its major counterparts except the yen as Treasury two-year yields fell to a record before the Federal Reserve begins its two-day meeting tomorrow.

The yen rallied to within 0.5 percent of its record against the greenback on refuge demand before European Union and International Monetary Fund officials judge whether the Greek government is eligible for its next aid payment.

Today, Barack Obama presented a plan for collecting additional taxes amounting to $ 1.5 trillion over the next 10 years. Obama proposes to reduce the federal deficit by about $ 3 trillion within a decade, that is, the additional tax revenues to provide half the estimated amount of abbreviations. In particular, president wants to increase the tax burden on millionaires and billionaires who pay relatively less tax than the middle class. 
After the Obama's plan publication U.S. stock indexes began to rise and fall in the dollar as a result of lower demand for safe-heaven currencies. 

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