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Continued Debates over US Debt Push USD to New Lows vs. CHF

July 25, 2011 at 8:16 by Andriy Moraru

US DollarThe US dollar reached a new all-time low level against the Swiss franc, while staying strong against the other currencies today, as the US authorities failed to agree on the debt ceiling shift.

With the default looming on the horizon for the world’s biggest economy, the traders seem to prefer the safety of the Swiss franc to the buying power of the US dollar. As the Republicans are still planning to block even the slightest increase in the permitted public debt size (from the current $14.3 trillion), there’s more reason to be short on the USD.

Nevertheless, the greenback rose slightly against the euro, the British pound and the New Zealand, Australian and Canadian dollars. It remains almost unchanged against the Japanese yen (due to a possible intervention by the BoJ).

USD/CHF fell from 0.8133 to 0.8055 as of 8:13 GMT today. EUR/USD went down from 1.4394 to 1.4366.

If you have any questions, comments, or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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