Dollar Will Get Crushed
23/09/2008 § Leave a comment
The dollar will get “crushed,” as the extra spending reduces the allure of U.S. assets to foreign investors, said John Taylor, chairman of New York-based International Foreign Exchange Concepts Inc….
The dollar also slid against the Swiss franc as two-year Treasury yields declined for the first time in three days on bets the Fed will cut interest rates to revive the economy. The U.S. currency was at 1.0936 francs, from 1.1054…..
`The uncertainty over the ultimate cost of the government bailouts will weigh on the dollar over the coming months,” Derek Halpenny, head of currency research at Bank of Tokyo- Mitsubishi in London…
The bailout may end a dollar rally that began in June and drove the U.S. currency up 10 percent versus the euro, 2 percent against the yen and almost 13 percent compared with Brazil’s real, strategists at Barclays and UBS AG said.
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