(1888PressRelease)
March 13, 2009 - “At the height of the credit bubble in mid-2007, the Bank for International Settlements estimates that major European banks’ dollar funding needs was around $1,300bn,” he says. He further commented “As the credit crunch ensued and then worsened after the bankruptcy of Lehman in September 2008, securing this funding became very difficult due to the severe disruptions in interbank and foreign exchange swap markets and in money market funds.” And continued by saying “Also, some central banks withdrew dollar foreign exchange reserves they had placed with commercial banks before the crisis.”
Matthews finished his short speech at the Isaac Paige Associates headquarters, in Seattle, by saying “Of course, foreign banks also bought dollars in the spot markets, as evidenced by the drop in euro/dollar since last summer and while the dollar funding shortage in global banking persists, investors in the foreign exchange spot markets should expect the greenback to stay supported against the other majors.”
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