Dollar mixed after Buffett invests $5B in BAC
Warren Buffett, chairman and chief executive of Berkshire Hathaway. (Oct. 5, 2010) Credit: AP
The dollar is mixed in morning trading, after Warren Buffett announced a $5 billion investment in Bank of America.
Buffett’s support for the troubled bank, whose shares had lost nearly half their value this year, is a shot in the arm for the markets and is encouraging some riskier bets on currencies other than the dollar.
Still, the dollar is not moving too much with a major speech scheduled by Federal Reserve Chairman Ben Bernanke on Friday. Investors are hoping for a repeat of last year, when he announced supportive measures for the U.S. economy.
In New York Thursday, the euro is up to $1.4435 from $1.4421, the British pound has dropped to $1.6354 from $1.6374, while the dollar rose to 77.07 Japanese yen from 77.01 yen.
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