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USD Bounces Off Fitch Lows, Shrugging Off Ratings Action

FOREX
  • The greenback trades modestly firmer headed into NY hours, allowing the USD Index to retain participation in the uptrend off the July lows despite the ratings action from Fitch late yesterday, and the US losing another of its AAA ratings. Markets have generally adopted the view that the Fitch action is of less relevance than the S&P downgrade some years ago, with Treasury markets already content with the US being of mixed-grade investment ratings.
  • JPY is comfortably the firmest currency in G10, rising against all others as equities hold their pullback off the week's best levels. The e-mini S&P is lower by a further 35 points or so, and has briefly shown below last week's lows.
  • High beta currencies - namely the AUD and NZD - are the weakest performers so far, helping prompt AUD/USD print a new multi-month low of 0.6566. Next support undercuts at the May 31 lows of 0.6458.
  • Focus ahead turns to the ADP employment change release and the Brazilian central bank rate decision.
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