Dollar Suffers Another Selloff |
| Wall Street Journal - Jul 29, 2011 |
Weak U.S. data and anxiety over a looming deadline to avert a fiscal crisis hit the dollar, pushing it to a new record low against the Swiss franc as investors doubted the world's largest economy would escape a potentially disastrous default or credit downgrade.
Early Friday, the Commerce Department reported that the economy grew by a weaker-than-expected 1.3% in the second quarter. The news converged with already negative sentiment generated by the political battle over the debt ceiling, and confirmed what many economists have long suspected: that the U.S. is entrenched in a soft patch of sluggish growth.
But all eyes remain transfixed on Washington. A mere four days before a pivotal Aug. 2 deadline, Congress and the White House have found no consensus over how to prevent the government from breaching its statutory borrowing limit.
The stalemate has whipsawed markets world-wide, and deprived the dollar of its customary status as a currency used by investors seeking safety from financial dislocation.
Read Full Article from Wall Street Journal
- Posted: 2011-07-29 21:51:58
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