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Mix-Ansicht- Frisch ab der Newsfront: Minus 20 % ist gefordert - Kopf hoch! - Emerald, 27.09.2004, 06:22
Frisch ab der Newsfront: Minus 20 % ist gefordert - Kopf hoch!
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Pressure Grows On G7 To Agree Dlr Devaluation
DJ UK PRESS: Pressure Grows On G7 To Agree Dlr Devaluation
09/26/2004
Dow Jones News Services
( Copyright © 2004 Dow Jones & Company, Inc. )
LONDON ( Dow Jones ) --U.S. President George Bush is being urged to signal a
dollar devaluation of up to 20% to rebalance the global economy ahead of
Friday's Group of Seven and International Monetary Fund meetings in
Washington, the U.K.'s The Business newspaper reported.
Senior U.S. administration officials in Washington have over the past few
days tried to influence the White House and U.S. Treasury to put pressure on
the G7 to agree to a dollar depreciation in its final statement, the
newspaper said.
Recent data have shown the U.S. current account and trade deficits running
at record levels, and economists have said a dollar depreciation is needed
to rein these in.
The euro was quoted at $1.2260 in late New York trade Friday, compared with
$1.2273 on Thursday. The dollar was fetching Y110.64 versus Y110.63, and
CHF1.2624 versus CHF1.2598. The pound was trading at $1.8041, up from
$1.7982.
The G7 will also call on the world's oil producers to take further action to
bring down prices, The Sunday Times reported. Crude oil reached almost $49 a
barrel in New York Friday, amid continued concerns that high energy costs
will sap global growth.
Spurring economic growth will be high on the agenda at the meetings of G7
finance ministers and central bankers next week, U.S. Treasury Secretary
John Snow said Friday.
"The promotion of economic freedom, opportunity and growth throughout the
world will be a key topic," he said in a statement in New York City.
G7 officials meeting in Washington next week will be representing Canada,
Italy, France, Germany, Japan, the U.K. and the U.S. Officials from China
will also be present.
-By Neil Keane; Dow Jones Newswires; +44-20-7842-9495;
neil.keane@dowjones.com
( END ) Dow Jones Newswires
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