Market report – The U.S dollar is trading lower vs. other major currencies after S&P downgrades it AAA rating.
The U.S. Dollar continues to trade lower against most major currencies after Standard & Poor’s downgraded U.S. top credit rating from AAA to AA+ on Friday. The decision raised concerns over the fiscal issue of the world’s biggest economy. Although the Federal Reserve Open Market Committee is scheduled to meet tomorrow, traders didn’t wait and began to sell the U.S. dollar overnight. The new added to the concern that the fiscal health of the world’s biggest economy will continue to decline.