May 17 2010, 11:32 AM
QUOTE(rstusa @ May 17 2010, 11:20 AM)
Bank of Tokyo-Mitsubishi UFJ suggested investors sell the pound versus the U.S. dollar, targeting $1.3800.
Added on May 17, 2010, 11:23 amGeithner Confident EU Will Resolve Crisis
SINGAPORE (Reuters) - Treasury Secretary Timothy Geithner said he is confident Europe will resolve its debt crisis and that the U.S. economy can withstand any fallout, Bloomberg reported.
Geithner also said he was "confident" China would allow the value of the yuan to rise against the dollar. He underlined that seeking "a level playing field" for U.S. exporters would be at the center of Washington's agenda in talks with Beijing later this month.
"Europe has the capacity to manage through this," Geithner said in an interview on Bloomberg Television that was scheduled to be aired this weekend. "And I think they will."
He said Europe was "committed to fix this problem."
Last week, the EU, IMF and central bankers put together a $1 trillion rescue package to stabilize world markets and prevent the Greek debt crisis from destroying the euro currency.
Financial markets have been troubled since though on concerns that the austerity measures needed to bring some euro area budget deficits back under control could derail economic recovery. The euro fell on Friday to an 18-month low.
Geithner said the $1 trillion package was an "enormously important step" and he didn't think the European turmoil would hurt U.S. growth.
"Our economy is getting stronger. We're seeing a lot of strength, improvement and confidence," he said.
He said the U.S. economy was recovering from the global crisis "more quickly and stronger than many people expected. We can take a lot of comfort and encouragement from the signs of strength that we're seeing here in the United States."
Wow .. that's why the Tokyo market is shorting Cable ... LMAO .... Added on May 17, 2010, 11:23 amGeithner Confident EU Will Resolve Crisis
SINGAPORE (Reuters) - Treasury Secretary Timothy Geithner said he is confident Europe will resolve its debt crisis and that the U.S. economy can withstand any fallout, Bloomberg reported.
Geithner also said he was "confident" China would allow the value of the yuan to rise against the dollar. He underlined that seeking "a level playing field" for U.S. exporters would be at the center of Washington's agenda in talks with Beijing later this month.
"Europe has the capacity to manage through this," Geithner said in an interview on Bloomberg Television that was scheduled to be aired this weekend. "And I think they will."
He said Europe was "committed to fix this problem."
Last week, the EU, IMF and central bankers put together a $1 trillion rescue package to stabilize world markets and prevent the Greek debt crisis from destroying the euro currency.
Financial markets have been troubled since though on concerns that the austerity measures needed to bring some euro area budget deficits back under control could derail economic recovery. The euro fell on Friday to an 18-month low.
Geithner said the $1 trillion package was an "enormously important step" and he didn't think the European turmoil would hurt U.S. growth.
"Our economy is getting stronger. We're seeing a lot of strength, improvement and confidence," he said.
He said the U.S. economy was recovering from the global crisis "more quickly and stronger than many people expected. We can take a lot of comfort and encouragement from the signs of strength that we're seeing here in the United States."
Aren't the EU pissed by this remark? ... LOL ...
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