Considering the amount of potentially bad news that has been thrown at the U.S. dollar today, the resilience of the greenback has been impressive. The lack of a larger decline in the dollar is notable considering that Moody’s threatened to downgrade the outlook for U.S. debt if the debt ceiling is not increased. This morning’s U.S. economic reports also surprised to the downside, providing further evidence that non-farm payrolls could be weak. However, both of these developments have yet to become reality which may be the reason why the dollar has not fallen further
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