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Dollar falls on European debt hope, S&P warning

07-22-2011 09:22 BJT

NEW YORK, July 21 (Xinhua) -- The U.S. dollar fell against major currencies in late New York trading on Thursday as reports said European Union leaders reached agreements on new bailout plan of Greek debt and Standard & Poor's warned to downgrade U.S. credit ratings.

European leaders discussed new aid plan for Greece at the euro zone emergency summit on Thursday. Reports said that Germany and France had reached agreements on how to address sovereign debt in the euro zone on Wednesday night.

The news stimulated investors'confidence that the European debt issue could be solved properly. The euro surged more than 1 percent to above 1.44 against the dollar in late trading.

Meanwhile, the rating agency Standard & Poor's again warned to cut the U.S. triple A ratings in the near term if the U.S. government failed to reach agreements on raising debt ceiling.

The agency had placed the U.S.'s credit ratings on watch for possible downgrade last week, saying that the risks of government' s debt issue are mounting.

The dollar was under pressure as the dollar index dipped nearly 1 percent to 74.13 in late trading.

Japanese yen was lifted by better-than-expected trade data on Thursday. Japan's Ministry of Finance said that Japan's trade surplus in June reached 70.7 billion yen, beating previous expectations of trade deficit.

In late Thursday trading, the dollar bought 78.43 yen, comparing with 78.80 from late Wednesday, and the euro rose to 1. 4409 dollars from 1.4229.

The British pound also rose to 1.6307 dollars from 1.6162. The dollar fell from 0.8191 Swiss francs to 0.8163, and also fell to 0. 9445 Canadian dollars from 0.9474.

Editor:Wang Xiaomei |Source: Xinhua

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