At the start of financial year 2009/2010, the dollar was very weak against the euro, recording its low for 2009 at USD 1.51 to the euro on 25 November 2009. Money market rates in the USA were at an extremely low level due to the Federal Reserve’s zero interest rate policy and massive injections of liquidity into the money market. This made the dollar an attractive financing currency, i.e. it was worthwhile to acquire debt in dollars and use this capital to purchase other, higher yield currencies. As the financial year progressed, however, the dollar regained some ground against the euro. The euro did not perform as well as the dollar largely due to the financial crises in a number of European countries, such as Greece, and the unforeseeable consequences for the euro. The average exchange rate for the reporting period from 1 October 2009 to 30 September 2010 was USD 1.36 to the euro.