Dollar Soars to 1-Year High

Greenback climbs higher still after Fannie-Freddie bailout
By Jason Farago,  Newser Staff
Posted Sep 8, 2008 8:06 AM CDT
Dollar Soars to 1-Year High
The dollar hit a one-year high against a basket of currencies today, after the Treasury announced its bailout of Fannie Mae and Freddie Mac.   ((c) iChaz)

The dollar rallied to a 1-year high against the world's currencies today, following Treasury's decision to seize control of Fannie Mae and Freddie Mac. After an early hiccup, the greenback advanced to $1.41 against the euro while also climbing against the yen, the pound, and the Swiss franc. While the Fannie-Freddie bailout reassured investors, reports that Asian banks might buy out Lehman Brothers also helped to push up the dollar. (More US dollar stories.)

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