Sep 11, 2012
By Michael Kramer
The dollar soared close to 103 cents U-S today on expectations the U-S Federal Reserve will take further steps to help the American economy.
The loonie closed up 45-100ths of a cent at a 13-month high of 102.75 cents U-S.
The American dollar weakened after Moody’s Investors Service suggested it will cut its rating on U-S government debt if Congress doesn’t reach a budget deal.
That scenario has been called a “fiscal cliff” because it would likely send the U-S economy back into recession and drive unemployment up.