The euro has climbed back above USD1.17 against the dollar after billionaire investor George Soros said he was selling the dollar. Soros, dubbed the "man who broke the Bank of England" said overnight that he was dumping the greenback in favour of the euro and gold. "I have to disclose I now have a short position against the dollar because I listen to what the Secretary of the Treasury is telling me," Soros said in an interview with CNBC. US Treasury Secretary John Snow has in the past week sparked furious dollar selling after hinting that the US' long-standing strong dollar policy was no more.
The single currency rose to USD1.1727 before easing to USD1.1710 and also hit an all-time high of 136.97 yen before easing to around 136.65 yen. Sterling has moved above USD1.64 against the greenback Gold prices also benefited from Soros' comments rising to as high as USD369.50 overnight, its highest level in more than three months, before easing back to USD365. //www.fxcentre.com/