The dollar struggled to make headway on Wednesday after a cut on the U.S. government’s top credit rating by Fitch raised questions about the country’s fiscal outlook, though it drew some support from a relatively resilient run of economic data.
Rating agency Fitch on Tuesday downgraded the United States to AA+ from AAA in a move that drew an angry response from the White House and surprised investors, coming despite the resolution two months ago of the debt ceiling crisis.
That nudged the greenback lower, lifting the euro toward $1.10. The single currency last gained 0.12%, after earlier touching a session-high of $1.1020.
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