Currency Market Report August 5, 2011
The US Dollar continued to fall Friday despite strong United States economic data in the employment report. There is still a general consensus among economists that the US debt crisis may bring about a recession. Also credit rating agency Standard and Poors lowered the United States credit rating to AA+, away from the AAA rating that the nation has been at for years.
Among the major currency pairs, currently the US Dollar/the Euro is around 1.4150, the US Dollar/British Pound is around 1.6300, the JPY Yen/US Dollar is around 78.50.
The continued belief is that the US Dollar will continue to weaken next week admist more turmoil in regards to the US credit situation.