Posted August 01, 2011
The US debt ceiling crisis looms big. Investors move towards safe havens.
With no debt plan in the works, investors worry. The US dollar fell during the trading day on Monday. It fell specifically against the currencies considered safe havens. However, the euro did manage to get some fire back as the US dollar struggled, but it was just because of the dollar's struggle that the euro gained during the trading day. The US dollar index moved to trade the US dollar at 74.074, which is down from the 74.221 it was at on Friday's close of business in North American trading. The US dollar moved to trade at 80.54 against the Swiss centimes. The Us dollar moved to trade at Y 78.24 which is down from the Y 78.47 it was at on Friday. The euro moved to trade at US $1.4379, which is up from the US $1.4365 it was at, at the end of the Friday trading session.
During the Tuesday trading session, the US dollar fell against numerous currencies. It hit a record low against the Swiss franc and came close against the Japanese yen. The dollar is bearish and that is also helping to push the euro up, over the US $1.45 level. This came as investors worried about the lack of a deal from President Obama and the House of Representatives in the US. The US Dollar Index moved the currency to 73.501 for the day. The euro managed to gain during the day as well. It moved to a high of US $1.4514 during the session. The best level it saw during the day was US $1.4522. Against the yen, the US dollar moved to trade at Y 77.90.
The US dollar moved to fall further during the Wednesday session. It fell to all time lows against several currencies but did improve somewhat as the US stocks reeled from the continued focus on the US debt problems. The US Dollar Index moved to trade at 74.088. Against the Japanese yen, the Us dollar is at Y 78, though it fell to as low as Y 77.54. Against the safe haven Swiss Franc, the US dollar fell to 79.96. Against the euro, the US dollar moved to buy US $1.4365 for the day, which is a drop for the currency. This came as continued focus on euro zone debt drove the common currency lower.
The Thursday trading session brought no new news about the debt ceiling crush in the US, but the US dollar did gain some ground. Europe's sovereign debt crisis was at a boiling point again, pushing the euro lower. A vote in Congress was hope investors needed to see an improvement in the US debt problems, too. For the day, the US dollar moved to trade at 74.210 by the close of business in New York. The euro moved to trade at US $1.4313 which is down from the Wednesday session. The US dollar moved to Y 77.77 for the day, slightly lower than the previous day.
Poor economic growth hurt the US dollar on Friday's trading session. It moved to the lowest level it has been at ever against the Japanese currency. It hit a low against the Swiss franc as well. The euro also got a boost from the US dollar's demise. The US dollar index moved to 73.846 for the day. Against the euro the currency moved to US $1.4380 for the day. The US dollar fell to Y 77.01 during the day as well.