U.S. Treasury Secretary Timothy Geithner said that he is not concerned with comments flowing from Russia and China that the world ought to employ a new global reserve currency. In an interview with CNN, the Treasury Secretary said "I actually don't worry about that," when asked about recent comments from certain global leaders. He doesn't sweat over such statements because "through this period of time, when people are more concerned about risk, generally they want to be investing in the most liquid, safest market," he said. The interview comes just days after the G8 summit in which China's State Counselor Dai Binguo said that the world ought to "promote an international monetary system that is more diverse and reasonable."
Other statements by the Treasury Secretary included that which regarded President Obama's stimulus package. He stated that the "biggest thrust" of the plan would be taking effect during this half of 2009.
EUR/USD opened the week at 1.3947, down 11 pips from its closing price from the previous week.
