(Bloomberg) -- The Japanese yen and the Swiss franc strengthened as Standard & Poor's downgrade of the U.S., coupled with a deepening euro-region sovereign debt crisis, lifted demand for the safest assets.
The dollar dropped to a record low against the Swiss franc and fell for a second day versus the yen after S&P lowered the U.S. credit rating one level on Aug. 5. The yen gained versus all but one of 16 major peers as Asian shares slid for a fifth day and European equities dropped for a seventh. Gold jumped to an all-time high, rising to more than $1,700 an ounce. The euro advanced after the European Central Bank started buying Italian and Spanish bonds to curb the region's debt crisis.
The dollar dropped to a record low against the Swiss franc and fell for a second day versus the yen after S&P lowered the U.S. credit rating one level on Aug. 5. The yen gained versus all but one of 16 major peers as Asian shares slid for a fifth day and European equities dropped for a seventh. Gold jumped to an all-time high, rising to more than $1,700 an ounce. The euro advanced after the European Central Bank started buying Italian and Spanish bonds to curb the region's debt crisis.
