The dollar had the highest rise in a week against most of the main currencies after Russian Finance Minister Alexei Kudrin stated that the nation has full confidence in the U.S. currency.
Russias Finance Minister Alexei Kudrin affirmed on June 13 during an interview that it would be too early to discuss the U.S. dollar position as the main global reserve currency, and that substitutes for the dollar are, for the moment, discarded. The euro posted the most significant losses against the greenback, as British newspaper Daily Telegraph affirmed that credit conditions in Germany are worsening, and being the Teutonic nation the most relevant economy among the Eurozone countries, any speculation or data coming from that country weigh significantly on the European common currency.
After Kudrins declarations, it is likely that investors will be more confident to purchase dollar-related assets, according to specialists. The confusion around the future of the greenback as a global reserve currency has been mostly affecting the dollar in a negative way, to a level which can be perceived as unrealistic, but with supportive statements the dollar may gain space against the euro and the pound, as the economic data is also improving in the United States.
EUR/USD traded at 1.3858 as of 10.22 a.m. GMT falling from 1.4110. GBP/USD fell to 1.6348 from 1.6472.
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