U.S. dollar sinks after G7 meeting

Canadian currency strengthens after officials fail to take measures to break greenback's fall

Tavia Grant
Globe and Mail Update
Last updated on Monday, Oct. 05, 2009 10:23AM EDT
Comments 49

The U.S. dollar weakened against most other major global currencies Monday after Group of Seven officials failed to take measures to curb the greenback's decline.

The currency declined against the euro, the Canadian dollar and most other currencies. The loonie traded at 93.11 cents (U.S.), up more than half a cent from Friday's close of 92.38 cents.

G7 finance ministers omitted mention of the U.S. currency's slide after their talks over the weekend, saying only that volatile swings in currency markets could derail a global economic recovery. Most analysts believe the greenback will continue to slide.

“We will see ongoing U.S. dollar weakness into the year end,â€