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Published On: Fri, Jun 14th, 2019

Look back at 2011: the dollar hit a record crash, Sterling hit highs as the debt deadlock continued

It was this month in 2011 when Bloomberg began their report “The dollar fell against all of its most-traded counterparts as politicians struggled to agree on raising the U.S. debt ceiling and reducing its deficit.”

Fast forward to 2019 and the U.S. is spending more than it can ever bring in.

“The greenback slid below 78 yen for the first time since March and fell to a record versus the Swiss franc on concern America may default and face a reduction in its credit rating. The pound rallied to a one-month high against the dollar after the U.K.’s economic growth matched the forecasts of analysts. Sweden’s currency gained as producer prices increased,” the article stated at the time.

“The dollar is selling off and will weaken every single day until we have some sort of resolution,” said Greg Salvaggio, senior vice president of capital markets in Washington at the currency-trading firm Tempus Consulting Inc. “The bigger issue is not necessarily the deal, it’s the scope of the deal. Without $3 trillion in cuts or deficit reductions, there’s a high probability S&P will downgrade U.S. debt, and then all bets are off.”

Fast at the time:

The dollar fell 0.5 percent to 77.89 yen at 5 p.m. in New York (July 26, 2011)

The lowest mark against yen was on March 17

The dollar dropped 0.6 percent to 80.13 Swiss centimes after touching the all-time low of 79.98

The dollar slid 0.9 percent to $1.4511 versus the euro after reaching $1.4526, the weakest since July 5.

Sterling climbed 0.8 percent to $1.6405 after touching $1.6429, the highest level since June 14

“The U.K.’s economy grew 0.2 percent in the second quarter, matching the median forecast of 32 economists in a Bloomberg News survey,” they concluded.

Image/QuinceMedia via pixabay

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About the Author

- Stories transferred over from The Desk of Brian where the original author was not determined and the content is still of interest of Dispatch readers.

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