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Dollar Tumbles on Fed Pledge; Swiss Franc Soars Most Since 1971By Allison Bennett and Joe RagazzoBloomberg Aug. 09, 2011 |
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 The dollar tumbled the most in at least 40 years against the Swiss franc after the Federal Reserve pledged to keep its key interest rate at a record low at least through mid-2013 to revive the flagging economic recovery. [...] “With the Fed saying they have tools available that they are willing to use and giving a more definitive time frame, that is overall going to be a dollar negative,” said John Doyle, a strategist in Washington at the currency-trading firm Tempus Consulting Inc. “Swiss franc and gold have absolutely been the beneficiaries of uncertainty.” The dollar fell 4.5 percent to 72.09 Swiss centimes at 5 p.m. in New York, from 75.50 yesterday. It dropped as much as 6.3 percent, the most since the beginning of Bloomberg records in January 1971, touching a record low 70.71 centimes. The euro dropped 3.2 percent to 1.0364 after touching the record low 1.0075. The U.S. currency depreciated 1.4 percent to $1.4376 per euro and fell 1 percent to 76.96 yen. Read More |
