Dollar mixed ahead of G8 summit
Agence France-Presse | 07/06/2009 11:42 AM
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TOKYO - The dollar was mixed against other major currencies in Asia on Monday as investor caution grew ahead of a summit of the Group of Eight (G8) economic powers this week, dealers said.
The dollar edged down to 95.80 yen in Tokyo morning trade, from 96.00 yen in Europe late Friday. The euro eased to $1.3960 from $1.3987 and to 133.72 yen from 134.44.
US currency markets were closed Friday for a public holiday ahead of the July 4 Independence Day celebrations.
The euro slipped against the dollar after weak eurozone retail data and a disappointing US jobs report supported the "safe-haven" greenback, dealers said.
But the dollar's gains were capped by speculation that the G8 leaders may discuss its status as an international reserve currency when they meet in Italy, said Yuji Saito, forex dealer at Societe Generale.
"It's likely they will discuss it but not mention it in a post-summit communique. Still, the issue can be a trading lead that investors would jump on as markets have no other fresh news," he said.
China said Thursday that it wanted a broader global monetary system, ahead of President Hu Jintao's departure for the G8 summit, which starts Wednesday.
"We hope that in the future the international monetary system will be diversified," vice foreign minister He Yafei told reporters.
But the vice minister said in Rome on Sunday that the dollar would be the most important international reserve currency for years, according to China's official Xinhua news agency.
China is not a member of the G8 but is regularly invited to join enlarged sessions at the annual summit, along with other major nations.
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