CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Dollar rises, but still under pressure

08-08-2011 10:56 BJT

NEW YORK, Aug. 5 (Xinhua) -- The U.S. dollar rose this week as the country avoided a debt default in the very last minute and actions were taken by other central banks. But economic concerns still put pressure on the currency.

U.S. President Barack Obama announced Sunday night that Democrats and Republicans had reached agreements on raising the government's debt ceiling, thus avoiding a default. The plan passed both the House and Senate in the following days.

The dollar snapped its losing streak earlier this week by the upbeat news. But worries about U.S. debt problems still exist.

The biggest impact on the currency market later this week came from a series of measures taken by central banks.

The Bank of Japan (BOJ) on Thursday decided to raise its asset-purchase program to 50 trillion yen (about 630 billion U.S. dollars) from previous 40 trillion yen (about 510 billion U.S. dollars) at a monetary policy meeting.

The move marked the second time this year that the Japanese government stepped into the currency markets to weaken the yen intentionally. The first time occurred in March after the country was hit by a devastating earthquake and tsunami.

The yen had risen nearly 10 percent against the dollar since last intervention as the U.S. dollar continued to decline due to debt concerns and economic worries.

The yen was weakened immediately after the intervention. The dollar climbed nearly 2.5 percent against the yen to 78.95 in mid-day New York trading session on Thursday. The yen lost 2.1 percent against the dollar this week.

Editor:Wang Xiaomei |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program