The global financial markets face the most volatile week as investors awaits the Treasury’s implementation on the financial rescue plan that has been passed last week. However, the dollar surged against major currencies last week.
According to AP, stock index futures fell by more than 1 percent last Sunday, pointing to a lower open. Dow Jones industrial average futures fell 176, or 1.70 percent, to 10,188. Standard & Poor’s 500 Index declined 19.3, or 1.74 percent, to 1,089.00, while Nasdaq 100 futures fell 20.25, or 1.37 percent, to 1,457.25.
However, in the current volatile week, which is expected to be continued for a while, the dollar is surging and hit its highest level in more than a year against the euro, the Canadian dollar and several other currencies last week, reported NYT. On the other hand, the euro sank to a 13-month low against the dollar in Asian trade Monday due to escalating financial turmoil in Europe, reported AFP.
Experts said that the dollar’s greatest value is as a symbol of the long-term creditworthiness of the U.S. Despite the U.S’ poor performance in economy, started from the collapse of Lehman Brothers, foreign investors still consider the U.S. as a safer risk.
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