Monday, July 25, 2011

Swiss Franc strongest ever

Switzerland's franc strengthened to a record against the dollar on demand for the safest assets as U.S. lawmakers failed to agree on raising the nation's $14.3 trillion debt ceiling and Greece's credit rating was cut.

The franc also appreciated toward a record versus the euro, while the yen rose against 15 of 16 major peers. U.S. Republicans and Democrats prepared dueling plans for raising the debt ceiling, seeking to break a partisan stalemate amid market concern about a potential default Aug. 2. The euro slid against the yen as Moody's Investors Service downgraded Greece to its second-lowest rating, saying the European rescue plan for the debt-laden nation will amount to a default.

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