Dollar drops versus yen after Fitch puts U.S. rating on credit watch
Posted in the Minneapolis Forum
#1 Oct 15, 2013
The dollar fell against the yen and trimmed earlier gains versus the euro after Fitch late on Tuesday placed the United States' triple A rating on credit watch after negotiations to raise the nation's debt ceiling and end the government shutdown sputtered.
The Senate on Tuesday also halted discussions on its own plan and is waiting for the Republican-controlled House of Representatives to come up with an alternative proposal before Thursday, when the U.S. Treasury says the government will reach its borrowing limit. This brings the world's largest economy closer to potentially defaulting on its debt obligations. "Completion of a debt ceiling agreement before the Thursday Treasury deadline appears increasingly unlikely, and market stress is likely to build further in the days ahead," said Vassili Serebriakov, currency strategist at BNP Paribas in New York.
The dollar fell to session lows against the yen at 98.07 yen following the Fitch move. Earlier, it hit a two-week high of 98.72 and was last at 98.34 yen, down 0.3 percent. The dollar also trimmed gains against the euro after the ratings action. The euro, however, ended the day down 0.3 percent at $1.3523.
Read more: http://www.reuters.com/article/2013/10/15/us-...
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