Here is what Mr "Strong Dollar" is recently said, according to Bloomberg that reported that "U.S. Treasury Secretary John Snow speaks about the U.S., European and global economies and the outlook for economic growth. He is speaking [in] London":
3) BN 10:49 *SNOW SAYS STRONG DOLLAR IS U.S. POLICY
4) BN 10:47 *DOLLAR FALLS; SNOW SIGNALS NO AGREEMENT TO STEM ITS DECLINE
6) BN 10:45 *SNOW SAYS U.S. WILL ADDRESS CURRENT ACCOUNT DEFICIT
7) BN 10:45 *SNOW SAYS REST OF THE WORLD MUST HELP MANAGE CURRENCY VALUES
8) BN 10:40 *SNOW SAYS BETTER GROWTH IN EU IS IN THE INTEREST OF THE U.S.
10) BN 10:39 *SNOW SAYS EU ECONOMIC POLICY MUST FOCUS ON GROWTH
11) BN 10:37 *U.S.'S SNOW SAYS GAP BETWEEN RICH AND POOR WILL NARROW
12) BN 10:37 *SNOW SAYS WIDENING GAP BETWEEN RICH & POOR DUE TO RECESSION
14) BN 10:34 *U.S. TREASURY SECRETARY SNOW SPEAKING IN LONDON Q&A SESSION
15) BN 10:34 *U.S.'S SNOW SAYS MARKETS SHOULD SET VALUE OF EURO
Now, I just want to add what happened simultaneously in the currency market:
10:34 1.2999 USD per Euro
all times are central european
Admittedly, currency traders are talking about important option expiries today as factors behind today's fall in the dollar. But one has to admit that that the "strong dollar policy" doesn't seem all that solid now. After the dollars' fall forcefully breaking through the 1.30 level, Snow got the question why he was repeating that he is behind the strong dollar policy. "Because the U.S. has a strong dollar policy" he answered laughing, while everybody else was laughing too. Everybody - except European finance ministers and European exporters who sell their added value in USD and pay wages in Euro.
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