http://www.bloomberg.com/news/2011-08-02/euro-depreciates-for-a-second-day-against-the-dollar-trading-at-1-4209.html
The Swiss franc gained the most in more than 36 years against a basket of nine developed-nation currencies tracked by Bloomberg on concern the U.S. economic recovery is in jeopardy and Europe’s debt crisis will worsen.
“There really is absolutely no alternative to the dollar in the next five to 10 years,” New York-based Taylor, chief executive officer of FX Concepts LLC, said in an interview on Bloomberg Television’s “In the Loop” with Betty Liu.
Canada’s currency fell 0.5 percent to 96.13 cents per U.S. dollar, from 95.70. Mexico’s peso retreated 1.1 percent to 11.8458 per dollar, from 11.7199. The U.S. is the largest market for both nations’ exports.
The Swiss currency extended gains versus the greenback after U.S. consumer purchases fell 0.2 percent following a 0.1 percent rise in May, Commerce Department data showed today. The median estimate had been for a 0.1 percent increase.
The franc also advanced as Swiss retail sales increased and manufacturing unexpectedly accelerated, suggesting the nation is not suffering from its record strength.
The Swiss franc gained the most in more than 36 years against a basket of nine developed-nation currencies tracked by Bloomberg on concern the U.S. economic recovery is in jeopardy and Europe’s debt crisis will worsen.
‘No Alternative’
John Taylor, founder of the world’s largest currency-hedge fund, said the dollar will remain the global reserve currency even if the U.S. loses the top credit rating.“There really is absolutely no alternative to the dollar in the next five to 10 years,” New York-based Taylor, chief executive officer of FX Concepts LLC, said in an interview on Bloomberg Television’s “In the Loop” with Betty Liu.
Canada’s currency fell 0.5 percent to 96.13 cents per U.S. dollar, from 95.70. Mexico’s peso retreated 1.1 percent to 11.8458 per dollar, from 11.7199. The U.S. is the largest market for both nations’ exports.
The Swiss currency extended gains versus the greenback after U.S. consumer purchases fell 0.2 percent following a 0.1 percent rise in May, Commerce Department data showed today. The median estimate had been for a 0.1 percent increase.
The franc also advanced as Swiss retail sales increased and manufacturing unexpectedly accelerated, suggesting the nation is not suffering from its record strength.
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