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  • Citigroup Inc. (NYSE:C) : Dollar May Weaken on Debt Breach

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    Tuesday May 31, 2011 at 07:16 pm EST
    Citigroup Inc. (NYSE:C) : Dollar May Weaken on Debt Breach
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    As per reports from Blomberg, Citigroup Inc. (NYSE:C) believes that U.S. debt ceiling breach is capable of affecting the dollar on a large scale because international holders of the debt may view the risk of permanent losses greater than domestic investors.

    “The foreign exchange reaction to a debt ceiling breach would be sharper and probably more permanent,” Steven Englander, the head of Group of 10 foreign-exchange strategy in New York at Citigroup, wrote in a note today. “It would legitimately tax foreign investor patience and lead to further dollar dumping whenever the opportunity arises.”

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