Franc Reaches Record Versus Dollar on Debt Ceiling; Yen Rallies
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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 discussed dueling plans for raising the debt ceiling and cutting the nation’s deficit, 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.