Most Asian currencies fell on Wednesday after Fitch cut the U.S. government’s sovereign rating, although the dollar was little changed, retaining most of its recent gains on strong economic data. Fitch trimmed the U.S.’ rating to AA+ from AAA, citing concerns over stretched fiscal spending in the coming years, as well as increased partisan risks to government policy. The agency had flagged a potential downgrade earlier this year. Fitch downgrade seen having limited impact, dollar steady The dollar fell slightly in Asian trade after the rating cut, but retained a bulk of its gains this week after economic data pointed…
Author: Saeed
The Japanese yen rose in volatile trade on Friday after the Bank of Japan said it will adopt a looser approach to its yield curve control policy, while broader Asian currencies recovered from some recent losses against a strong dollar. The yen recovered from initial losses to trade 0.5% higher to the dollar by 00:56 ET (04:56 GMT). But the currency had earlier fallen as much as 0.8% before rising by a similar range. BOJ signals less strict yield curve control The BOJ said on Friday that it will adopt a more flexible approach to controlling bond yields, by allowing…
