Asian session: the dollar reach new historical high against franc

Data:

01:30 Australia Producer Price Index (YoY) (Q2) 3.4%

01:30 Australia Producer Price Index (QoQ) (Q2) 0.8%

The dollar slid toward a record low against the Swiss franc after U.S. lawmakers failed to agree on raising the nation’s $14.3 trillion debt ceiling, boosting the odds of a default as soon as next week.

The franc and yen rose against most of their major peers as Republicans prepared to force action on a shorter-term extension of the debt limit than President Barack Obama has requested, spurring demand for the currencies as havens.

Gains in the yen were limited on speculation Japan will intervene in markets to stop its appreciation. The euro pared its advance after Moody’s Investors Service cut Greece’s sovereign credit rating.

Gains in the yen were limited after it reached levels that spurred coordinated selling of the currency in March. Bank of Japan Governor Masaaki Shirakawa said today that the yen’s strength could hurt the economy and the central bank is ready to take appropriate action as needed.

The euro dropped for the first time in three days against the franc after Moody’s slashed its long-term foreign currency debt rating on Greece to Ca from Caa1. The European Union support package for Greece allows the country an “orderly default” and buys time, according to Moody’s.

EUR/USD: the pair shown high at $1.4400 area then started to decrease.

GBP/USD: the pair shown high at $1.6330 area then started to decrease.

USD/JPY: the pair began session at Y78.20 area, showed high at Y78.60 area and decreased.

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