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US dollar declines amid dropping Reuters/Michigan consumer sentiment index. The August index is at 54.9 versus estimated 63.2 and previous figure of 63.7.
Euro gains versus the dollar despite today’s report, which showed EU industrial production unexpectedly fell in June. Earlier the 17-nation currency fell also as traders bet the European Central Bank may cut its key interest rate as austerity measures crimp growth. Also today Egan-Jones ratings agency downgraded France's AAA rating and projected a further downgrade to A+. This agency was the first to downgrade U.S AAA rating on July 18. However, market participants didn’t attach importance to the lowering.
British pound also rises against the dollar
Japan’s yen resumes shedding.
The Swiss franc is still depreciated after data showed France’s economy stalled in the second quarter. The currency also falls as yesterday Swiss National Bank Deputy President Thomas Jordan said that a temporary tie between the franc and the euro to curb the Swiss currency’s gains would be legal under the central bank’s mandate.
The Canada’s dollar sheds on concern about faltering economy of U.S., Canada’s biggest trade partner.
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