Dollar declines after the credit rating of the U.S. was downgraded

Singapore, Aug. 2 (BNA): The U.S. dollar declined following the credit rating downgrade by “Fitch” agency for the United States. However, it received some support from relatively strong economic data.


Yesterday, Fitch downgraded the credit rating of the United States from AAA to AA+ in a move that sparked angry reactions from the White House and surprised investors, especially since it came just two months after reaching a solution to the debt ceiling crisis.


The U.S. dollar index rebounded by 0.09% in the latest trading session, reaching 102.09 points after a significant drop following Fitch’s decision.


The euro rose by 0.11% in the latest trading session, reaching $1.0996 after earlier touching its highest level at $1.1020.


The British pound increased by 0.05% to $1.2782, while the Japanese yen rose by 0.1% to 143.21 per dollar, retracing some of its gains from earlier in the day.


The Australian dollar also rose by 0.12% to $0.6621, recovering some of its losses from the sharp 1.57% decline in the previous session after the Reserve Bank of Australia left interest rates unchanged yesterday.


The New Zealand dollar decreased by 0.23% to $0.6136 after data today showed that the country’s unemployment rate reached the highest level in two years in the second quarter.


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