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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Dollar drops as credit service warns about 2013 budget discussions

Sep 11, 2012 03:20 PM

Tuesday saw the world's reserve currency pinched by Moody's Investors Service warning of a potential credit rating reduction next year, Reuters reports.

As the U.S. dollar endures pressure from expectations of quantitative easing announced by the U.S. Federal Reserve as early as this week, the credit rating service's warning about the AAA debt rating applied to 2013 budget discussions if they do not prompt a lower ratio for debt to gross domestic product. The U.S. Commerce Department indicated on Tuesday that July saw the U.S. trade deficit increase.

"July's trade figures are nowhere near as good as they look at first sight, as they mask a significant deterioration in export growth to the euro zone," states a note penned by senior U.S. economist Paul Dales with Capital Economics, according to MarketWatch. "What's more, the full impact on the U.S. economy from the overseas slowdown has yet to be felt."

Tuesday also saw a reduction in the dollar index, which gauges the strength of the world's reserve currency against six rival monetary units.

The policy-making arm of the U.S. Federal Reserve is set to convene two days of meetings beginning Wednesday so an announcement about additional asset purchases to spur the economy could come as soon as Thursday.

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