Qualified support for the U.S. dollar / Greenbacks fall on O'Neill's remarks
Treasury may be working behind the scenes this week - Dollar showing some strength "The Treasury Department controls whether and when the United States, through the Federal Reserve, buys and sells dollars and other currencies to raise or lower the value of the dollar. O'Neill's immediate predecessors, Lawrence H. Summers and Robert E. Rubin, both adhered almost slavishly to the same language in describing currency policy, saying a strong dollar was 'in the interests of the United States.' Since taking office 15 months ago, O'Neill has more or less stuck to that formulation, but often with an added emphasis that the dollar's value is the byproduct of a fundamentally strong economy and the perception that the United States offers the world's best opportunities for investment." the US dollar's gains against the euro broke the 1.56 mark and kept a lid on gold's gains to just above $892. **********************************************************...