Dollar at lowest against Swiss Franc in 40 years

Allison Bennett and Joe Ragazzo
August 10, 2011

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.

The greenback declined versus the majority of its most- traded peers as the Fed said growth was “considerably slower” than it expected and it’s prepared to use a range of policy tools to boost the economy. The meeting came a day after economic weakening and a Standard Poor’s U.S. credit-rating cut spurred a global stock rout. Commodity currencies recouped losses sustained just after the meeting. Stocks and gold surged.

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“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.”

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3 Responses to “Dollar at lowest against Swiss Franc in 40 years”

  1. Deutsche Mark or Neuro coming soon. The GISP governments free their rich citizens from sufficient tax to balance the budget and are now extorting Germany. To stabilise Spain and Italy for the Euro the German government will have to collect a quarter million from the (retirement) savings of every Heinrich middle class, for the tax benefit of the rich in Spain and Italy. Of course the German government cant survive such behavior in the elections, so the return of the Deutsche Mark is inevitable, see www,LOTto,KG

  2. this is the absolute best of times to be promoting the implementation of the IVAMU Standard for establishing the Value of money, putting the Federal Reserve OUT of ‘business.’

    Yes, its time.

    Click on the name above. Share the info.

    And GO TO you local dollar store and purchase 50 cans of spaghetti sauce.
    Break the Ice. Prepare!

  3. I have a Swiss friend. He cannot believe what the turn around has been since 2009

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