Euro up slightly against the dollar at $1.3574

FRANKFURT - The euro was only slightly higher against the dollar Thursday after U.S. Treasury Secretary Timothy Geithner said the dollar would remain the world’s “dominant reserve currency.”

By (AP)

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Published: Thu 26 Mar 2009, 6:57 PM

Last updated: Thu 2 Apr 2015, 8:32 AM

The 16-nation euro bought $1.3574 in European morning trading, up from the $1.3564 in New York late Wednesday.

“The dollar remains the world’s dominant reserve currency,” Geithner said Wednesday. “I think that’s likely to continue for a long period of time.”

Geithner said he rejected the idea of a new global currency during a congressional hearing, something that was suggested recently by the head of China’s central bank.

“With the repeated speculation over just how appropriate the dollar is as the reserve currency we do seem to be walking something of a tightrope here,” said James Hughes, an analyst at CMC Markets. “ although we’ve seen some improved fundamentals out of the U.S. of late, anything that reverses that trend could easily leave the greenback looking rather vulnerable as a result.”

Meanwhile, on Thursday, a forward looking German consumer sentiment survey dropped slightly in its reading for April, the first drop in since October.

In other trading, the British pound bought $1.4614 compared with $1.4527 while the dollar bought 97.08 Japanese yen compared with 97.31 late Wednesday in New York.

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