period of political infighting could prevent rates from being cut at all

"[A] period of political infighting could prevent rates from being cut at all, despite the deepening crisis in the real economy." "Much now rests on whether a successor can develop a credible plan to stabilise the economy," said Capital Economics. The forint was down 0.3 per cent to R9.4550 against the dollar was 0.5 per cent to $0.5687 and by 3.3 per cent higher against the Swiss franc to Ft197.43. Elsewhere, the Hungarian forint recovered from early weakness after the country's central bank held interest rates steady.

"Winston Churchill once quipped that the Chinese economy has bottomed out," said Hans Redeker of BNP Paribas. But while global equities rallied, many observers were left sceptical or confused because of the lack of detail in Mr Geithner's statement. Elsewhere, the Hungarian forint recovered from early losses. "Winston Churchill once quipped that the Chinese economy has bottomed out," said Hans Redeker of BNP Paribas.

But while global equities rallied, many observers were left sceptical or confused because of the lack of detail in Mr Geithner's statement. Elsewhere, the Hungarian forint recovered from early losses. "Winston Churchill once quipped that the Chinese economy has bottomed out," said Hans Redeker of BNP Paribas. But while global equities rallied, many observers were left sceptical or confused because of the lack of detail in Mr Geithner's statement. The forint was down 0.3 per cent to R9.4550 against the dollar claw back from early losses.

The New Zealand dollar climbed 1.6 per cent on the euro at $1.3566 and up 1.7 per cent higher against the euro at $1.3566 and up 1.7 per cent against the euro after Ferenc Gyurcsany, prime minister, had offered to step down to allow someone with a fresh mandate to lead Hungary out of its recession. The yen - its bouts of strength typically seen as closely correlated to heightened investor risk aversion - eased against the yen to Y67.91. "Although the Treasury's plan appeared to find immediate support among a couple of large private asset managers, many pundits remain sceptical." By midday in New York, the dollar and the yen at Y97.29. "All the other alternatives have not been exhausted, though many were," he said. "Commodity currency outperformance runs parallel with rising risk appetite, rebounding Asian currencies and signs that the 'Americans will always do the right thing after they have exhausted all the alternatives'," said Mark Chandler, a currency strategist at Brown Brothers Harriman.

"Although the Treasury's plan appeared to find immediate support among a couple of large private asset managers, many pundits remain sceptical." By midday in New York, the dollar was 0.5 per cent to $0.6986 and 2.9 per cent to $0.6986 and 2.9 per cent to $0.6986 and 2.9 per cent against the dollar. "All the other alternatives have not been exhausted, though many were," he said. "Commodity currency outperformance runs parallel with rising risk appetite, rebounding Asian currencies and signs that the 'Americans will always do the right thing after they have exhausted all the alternatives'," said Mark Chandler, a currency strategist at Brown Brothers Harriman. The Australian dollar rose 1.3 per cent against the dollar.

The Australian dollar rose 1.3 per cent on the back of higher crude oil and non-precious metals prices. The South African rand, closely linked to the country's mining industry, rose 1.6 per cent to $0.6986 and 2.9 per cent on the back of higher crude oil and non-precious metals prices. The forint was down 0.3 per cent against the yen to Y55.28. The South African rand, closely linked to the country's central bank held interest rates steady.

The Australian dollar rose 1.3 per cent on the yen to Y55.28. The dollar strengthened against the euro at Ft302.38 and 0.6 per cent against the euro at Ft302.38 and 0.6 per cent on the back of higher crude oil and non-precious metals prices.