IMF turns against the dollar
WASHINGTON - International Monetary Fund (IMF) managing director Rodrigo de Rato made a sudden U-turn on the value of the US dollar last week, announcing it was "still overvalued".
His remarks dashed eurozone politicians' hopes for a statement on dollar weakness at the G-7 meeting in Washington over the weekend.
The case for a co-ordinated verbal intervention on the value of the dollar at the latest meeting of the top seven industrialised nations had been building since de Rato was quoted saying
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