Sunday, May 9, 2010

US Dollar Strengthens on Sovereign Debt Crisis

While gold is the top place investors are putting their money for a safe haven, the US dollar has been strengthening against other currencies as the sovereign debt crisis in Europe continues to unfold.

There aren't many safe places to put money now, as the stock market crashed and equities continue to be very volatile in the midst of extraordinary economic pressures.

This week the US dollar did enjoy its best gain since October 2008, a testament to the weakness of paper currencies, not the strength of the dollar.

The dollar continues to gain against the failing euro.

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