IFX Council

Tensions in Europe, Koreas boost dollar

Forbes |

In Brief...

The dollar jumped Friday as a major credit ratings agency downgraded the debt of Ireland's banks and investors worried that Portugal would become the third European country to need a bailout this year.. The dollar also jumped above 84 yen for the first time since late September. Investors are anxious that other countries, chiefly Spain and Portugal, will also have to seek aid as their borrowing costs soar.. "Press reports that Portugal is being pushed to request an aid program have been denied by officials, but the way things are going, it seems like it's only a matter of time before Portugal succumbs," said Brown Brothers Harriman analyst Win Thin in a research note Friday.. Thursday was the first time the dollar had been above parity - meaning it was worth more than 1 Swiss franc - since Sept. 21..

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