25 Jul '11, 10pm

US dollar slides as debt talks sputter

NEW YORK: The US dollar slid against the euro and the yen on Monday, while gold prices jumped again, as politicians in Washington failed to make progress in debt-ceiling talks despite a looming deadline. The dollar was trading at $1.4375 against the euro at 2100 GMT in New York on Monday, compared to $1.4357 at the same time on Friday. The greenback also weakened against the Japanese yen, dropping to 78.31 yen from 78.53 late Friday. At one point it dropped as low as 78.06, its lowest level in four months. Gold, the world's oldest safe-haven investment, scored another record high price of $1,624.07 per ounce. "The US dollar is modestly lower, with markets unsettled by an apparent lack of progress by lawmakers towards raising the debt ceiling," said Nick Bennenbroek, head of currency strategy at Wells Fargo. Democrats and Republicans battled over the weekend and again on Mo...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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