The dollar slumped to record lows against the Australian and New Zealand currencies as President Barack Obama and lawmakers struggled to end an impasse over raising the U.S. debt limit and preventing a default.
The euro fell against the yen and retreated from a three-week high versus the dollar as Germany’s Finance Minister Wolfgang Schaeuble said his country opposes a “blank check” for the euro-area rescue fund to purchase bonds on the secondary market. The dollar touched a four-month low against the yen and approached a three-year low versus the Canadian dollar.
“The foreign-exchange market is acting like this is the only thing going on in the world,” said Kathleen Brooks, research director in London at Forex.com, a unit of the online currency trading company Gain Capital Holdings Inc., referring to the U.S. debt impasse.
The dollar slipped 0.1 percent to 77.81 yen at 7:11 a.m. in New York, from 77.88 yesterday, after touching 77.57, the lowest level since March 17. The euro dropped 0.3 percent to $1.4472, from $1.4511, after touching $1.4536, the highest since July 5. The euro slid 0.4 percent to 112.59 yen, from 113.01.
The U.S. currency sank to a record 87.66 cents per New Zealand dollar before trading at 87.47 cents, down 0.5 percent. The greenback dropped to a record $1.1081 against the Australian currency before trading at $1.1047.
Bloomberg
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