13 Apr '11, 10pm

Dollar firms on Obama deficit plan

NEW YORK: The dollar firmed against the euro and the yen in late trade Wednesday after US President Barack Obama unveiled an ambitious plan to slash the US deficit by $4 trillion. The euro was trading at $1.4440 around 2100 GMT in New York, compared with $1.4477 at the same time Tuesday. The dollar also gained ground against the Japanese currency, rising to 83.79 yen from 83.56 yen the prior day. Dollar buyers were buoyed by Obama's speech detailing a program to reduce the US deficit by $4 trillion, promising to wield a "scalpel and not a machete" like the plan of rival Republicans. There was also support from the Federal Reserve's Beige Book report on regional US economies, which confirmed the economy was growing on a broad base around the country, though at an "only moderate" pace in many areas. Earlier the dollar weakened in London trading, with the euro making a push a...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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