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U.S. Dollar Touches on 4-month Low Versus Major Currencies on Downgrade Threat

By: Barbara
In early morning trading in London today, the U.S. Dollar touched on its lowest price in four months following the release of a media report detailed in the U.K. Financial Times, which indicated that the United States credit rating might be downgraded. Analysts are recommending, however, that investors exercise caution on acting on this threat to the U.S. government’s credit rating. The U.S. economy has suffered over the past several years with ever-increasing budget deficits, and the downgrade would cause significant economic, financial and political repercussions.

As reported at 9:20 a.m. (GMT) the U.S. Dollar Index, a measure of the U.S. currency versus a group of six major currencies, traded at 81.871 .DXY, the lowest price in four months. Earlier, the U.S. Dollar had traded at 82.04 .DXY, a 3% loss. Versus individual currencies, the U.S. Dollar also struggled broadly. The Euro traded at $1.3700 on the EBS Platform, an increase of .4% from yesterday’s late trading in the U.S. The Dollar was also down against the Swiss Franc on the EBS Platform, trading at 1.0977 Swiss Francs, a 4-month low. Against the Japanese Yen, the U.S. Dollar remained steady, trading at 96.40 Yen.

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