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 levels against both Dollar and Euro. Canadian Dollar is faring slightly better, although it's als...