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Houston… we have a crisis!

Today it seems that something has again upset the financial markets. At exactly 14:34
the dollar suddenly crashed below 0.80 swiss francs and took two more steps with approx
0.0010 swiss francs within 5 minutes. I thought, it could have been a temporary bump
and relax in the meantime…

I was wrong. Just one hour later, the dollar took the next barrier and hit the 0.79 bottom hard.

With an exchange fare of 0.7882 (ddepest value: 0.7854) the Dollar noted a new all-time depth this year

Also other currencies have dropped like the dollar… So is one Euro at 1.1330 now… (deepest value: 1.1298)
It really scares as the market may hurt Switzerland bad (especially exporting companies which rely on a weaker franc…

I really wonder how the USA will cope with the debt limit at August 2nd as for now there is still no agreement between the White House and the Republicans. All this may lead to another big recession like we already have faced on April, 2008 where the world economy has seen her blackest day ever…

I also wonder what makes the swiss franc so beloved that it reinforces so extremely against other currencies…

Today the Dollar has taken another historical barrier!

Today the Dollar has taken another historical barrier!

 

UPDATE @16:00 – It seems as if worse then expected U.S. economy figures are to blame for the massive drop at 14:30… Source (german)


July 29, 2011 Netspark - 1589 posts - Member since: May 9th, 2011 No Comments »

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