Fri Mar 14th, 2008 at 11:57:12 AM EST
Wow! This is news...how low will it go??
Dollar drops below Swiss Franc!!
ZURICH, Switzerland - The U.S. dollar fell below the Swiss franc for the first time ever Friday. The dollar briefly dipped to 0.9996 francs in international trading before rising above parity again.
The U.S. currency's decline against the franc mirrors its fall against the euro. The 15-nation euro reached a new record of US$1.5651 Friday on news of financial woes at U.S. Bank Bear Stearns Cos. (...)
Hettinger said in a recent interview that the dollar would likely stabilize versus the franc, which has seen a revival of its status as a "safe haven" currency since the start of the global financial turmoil last year. (...) The rising value of the franc against the dollar has worried Swiss exporters, and market observers have closely monitored the exchange rate as it approached the psychologically important mark of one-to-one. In 1971, the U.S. dollar was worth four francs.
Well, I don't know what else this means for America or Europe financially (hopefully some of our more knowledgeable types will have something to say), but it sure means we won't likely be seeing as many US tourists in Europe this year (although, watch out America, here come the Swiss!!).