Latest Forex News 2/22
Forex - Dollar selling continues; euro breaks above 1.32 usd mark
LONDON (AFX) - Dollar selling continued into the afternoon, with the euro breaking through the 1.32 usd mark for the first time in over five weeks
The selling was sparked in Asian trade overnight after reports yesterday that the Korean central bank plans to diversify its reserves away from the US dollar. A spokesman for the Bank of Korea was quoted as saying in a report to parliament that as foreign exchange reserves increase, the central bank "will expand its investment into non-government papers, which carry relatively high yields, and diversify the currencies in which it invests"
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