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Published: August 6 2010 19:33 | Last updated: August 6 2010 19:33
A beleaguered US dollar found friendship in incongruous places this week. When everyone seemed to be abandoning the greenback, European Central Bank president Jean-Claude Trichet came to its defence. It would be "very premature" to take a "very negative" view on the US economy, he said.
Outside of Frankfurt, market chatter begged to differ. Those who try to rationalise currency gyrations put the dollar's slide "“ it has fallen by 7.3 per cent in trade-weighted terms in two months, and more than 1 per cent just the last week "“ down to pessimistic investors who see the US economy heading back to the sickbed.
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