Dollar statement important say G10 central bankers

Central bankers from the Group of 10 countries said on Monday 10 January that they are "confident" about global growth this year and welcomed comments by Treasury Secretary John Snow to support the dollar.
Central bankers from the Group of 10 countries said on Monday that they are "confident" about global growth this year and welcomed comments by Treasury Secretary John Snow to support the dollar.

``We have forecasts which are pointing to a sustained expansion of world trade in 2005 and we have also the feeling that a large part of the adverse effects stemming from higher oil prices has perhaps already been absorbed,'' said European Central Bank President Jean-Claude Trichet, who headed a meeting of the G- 10 central bankers in Basel. A statement by Snow that he intends to support a strong dollar was ``very important,'' Trichet added.

The global economy should expand about 4 percent this year or ``a little bit more than 4 percent,'' Trichet said, citing Rodrigo Rato, managing director of the Washington-based International Monetary Fund, who attended today's G-10 meeting.

``Some of the factors that contributed to a soft patch might very well be temporary,'' Trichet said. ``Recent inventory adjustments might already be over.''

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