From Brazil to Norway, policymakers are leaping to defend currencies against the...
LONDON - From Brazil to Norway, policymakers are leaping to defend currencies against the onslaught of the dollar which scaled three-year peaks on Thursday, raising speculation that a joint move by the world’s biggest central banks may be in the offing.
The warning followed the crown’s 30% plunge versus the dollar in less than three weeks, that was partly fueled by oil’s price collapse. One issue is that piecemeal central bank interventions are often doomed to fail as individual economies usually lack the firepower to influence currency markets for any length of time But shock-and-awe moves such as the coordinated Group of Seven moves to weaken the yen, seen after the Sept. 11, 2001 terror attacks or the 2011 Japan tsunami, have worked.
A report from BofA Global Research said the United States could push for a coordinated foreign exchange response if the U.S. Dollar Index .DXY breached 104 and the euro broke below $1.05. The index, which measures the dollar against a basket of six others, recently stood at 102.755. The euro was at $1.066.
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