Franc, Yen Gain Versus Peers on Downgrade; Dollar Strengthens
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The yen and the franc climbed versus all of their most-traded peers, with the Swiss currency reaching records versus the euro and dollar, as Standard & Poor’s downgrade of the U.S. credit rating and the euro-region’s debt crisis spurred investor demand for safety.
The dollar rose to a four-month high against Australia’s currency and gained versus the euro as investors sought U.S. government debt even after the rating cut as stocks plunged the most since 2008. Treasury two-year note yields dropped to a record low. Canada’s dollar dropped for a seventh day against the dollar as crude oil plummeted.