Daily Forex Commentary for March 24, 2009

March 24, 2009

Bank Plan Is Short-Term Bearish for U.S. Dollar

The U.S. Dollar traded lower versus most majors on Monday in reaction to the U.S. government’s new plan to manage the toxic asset problem that is still plaguing banks. The new plan has the government offering to finance up to $100 billion to partner with the holders of toxic assets.

This program will not require new money, but will instead use the TARP funds from the $700 billion fiscal stimulus fund approved in October 2008. The government feels that …
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