Dollar paring losses following Japan’s support in the U.S currency

The U.S dollar is rising on Friday against the Euro and the Yen after Japanese Finance Minister Kaoru Yosano said his nation's confidence in U.S. Debt is "unshakable" and that the currency's global status is safe.

These soothing words from Japanese officials are indeed reducing damage to the Dollar’s status, in particularly since several major nations have expressed their intentions to abandon their Dollar reserves in favor of alternative currencies. That, on top of a Russian suggestion of a possible new global currency which could replace the Dollar in the future. All these factors have surely taken a bite out of the Greenback’s value in the market for the last 2 weeks. Hearing some supportive words today, and especially from a major economy such as Japan, gave the dollar enough momentum to halt its weakening trend, and if only temporarily.

Z.Georgi