US dollar makes comeback, 'bucking' world downturn
Amid wreckage of the US financial system, the battered buck makes surprise comeback
NEW YORK (Associated Press) - The stock market is in shambles, credit markets are squeezed and corporate earnings are cratering. But one piece of the mangled U.S. economy is making an improbable comeback: The once-almighty dollar.
As the financial meltdown clobbers world economies from South America to Asia, investors desperate for safe assets are plowing money into the battered buck _ helping it snap a six-year slide and reclaim its long-held status as a stable asset during rough times.
"The dollar has become the safe-haven play," said Kathy Lien, director of currency research at Global Forex Trading in New York. "It's a pretty monumental move we're seeing."
Courtesy: Villas in Majorca | money.cnn.com | New York Associated Press
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