Sunday 13, July 2008 by
Fannie and Freddie go down, oil keeps rising
Last week, the foreign exchange market traded in a relatively narrow range until Friday morning when the dollar crashed across the board amid a combination of persistent concerns over the stability of the two largest US mortgage lenders, Freddie Mac and Fannie Mae, along with soaring oil prices. The euro range traded between 1.56 and 1.5820 during the week to reach closer to an all-time high of 1.5950 Friday evening. Sterling touched a high of 1.9960. The yen, which was the least volatile throughout the week, traded at a high of 105.60 on Friday. Finally the Swiss franc reached a high of 1.0135 while the Australian dollar hit a new 25-year high above 0.97.
