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Asian Markets Skittish Following Fitch's US Rating Downgrade; Commodity Currencies Bear the Brunt

Market sentiment in Asia today leans heavily toward risk aversion, following the unexpected move by Fitch Ratings to downgrade US sovereign rating. Consequently, commodity currencies are grappling with strong sell-offs. New Zealand Dollar is leading the downward spiral, despite strong wage growth reflected Q2's employment data. Australian Dollar, still reeling from the aftereffects of yesterday's RBA decision, is also on a downward trajectory, breaking through key short-term support le...
Hong Kong United States White House District Of Columbia New Zealand Austan Goolsbee

Dollar Getting a Boost from Strong ADP Data and Risk Aversion

Dollar is making an effort to extend its near term rebound in early US session, bolstered by significantly stronger-than-expected ADP private job report. Concurrently, the greenback is finding support from the risk-off mood triggered by Fitch's unexpected downgrade of US sovereign rating, which sent global equities lower. However, Dollar's upside momentum seems far from being decisive, possibly an outcome of the typical summer trading slowdown. Yen, on the other hand, is having a sligh...
New Zealand Hong Kong Bryan Downes Shinichi Uchida Nela Richardson Oil Inventories

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