Headlines

Dollar Falls as Government Shuts Down

Slides 0.3 percent against the pound, lowest since early January

Published

11 years ago

October 1, 2013

steve kaufman

The U.S. dollar slid to its lowest value in 10 months after the Congressional deadlock led to a government shutdown.

The dollar fell 0.3 percent to $1.6233 versus the British pound at the end of the trading day after touching as low as $1.6247. It also dropped 0.1 percent to $1.3541 per euro.

“The market is anticipating that a shutdown means the Federal Reserve will also maintain its easy policy stance for longer because of the risks to the U.S. economy,” Greg Gibbs, a senior currency strategist at Royal Bank of Scotland Group Plc in Singapore, told Bloomberg News. “We are seeing some strength in the European currencies and a bit of weakness in the U.S. dollar.”

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