The dollar fell against most major currencies on Thursday as investors cheered a massive plan to tackle the global financial crisis from the Group of 20 (G20) summit.
The summit concluded in London on April 2 with consensus on how to get the world out of the financial crisis, including a pledge of US$1.1 trillion to revive the world economy.
The G20 leaders pledged to do "whatever necessary" to restore confidence, growth, and jobs; repair the financial system to restore lending; promote global trade and investment and reject protectionism, and build an inclusive, green and sustainable recovery.
Good sentiment in financial markets hurt safety haven demand for the dollar, sending the US currency lower. The rate decision of the European Central Bank (ECB) also helped the greenback falling against the euro. ECB decided on Thursday to cuts its benchmark interest rate by 25 basis points, smaller than a 50 basis points cut expected by analysts.
Investors are keenly waiting for the US non-farm employment report to be released on Friday by the Labor Department.
The euro bought 1.3446 dollars in late New York trading compared with US$1.3231 it bought late Tuesday. The pound rose to US$1.4712 from US$.4447.
The dollar fell to CA$1.2406 from CA$1.2597, and fell to 1.1368 Swiss francs from 1.1465 Swiss francs. It rose to 99.64 Japanese yen from 98.65 Japanese yen.
(Xinhua News Agency April 3, 2009)
