USD Rallies as Uncle Sam Seizes Mortgage Giants by H Nilsson

The dollar rose against most key currencies in volatile trading Monday following the US government’s takeover of mortgage giants Fannie Mae and Freddie Mac. The greenback initially fell on concerns the US fiscal position would worsen or the monetary stances would turn even more lax by nationalizing the mortgage giants; later, the dollar reversed course and approached a one-year high against the US dollar index on optimism the credit crunch would ease.

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