Ripple declines amid mixed risk appetite in the markets
Ripple fell on Monday amid a mixed risk appetite with investors assessing the markets after the US credit rating downgrade.
Moody’s finally joined Standard & Poor and Fitch and downgraded the pristine US credit rating by one notch, pointing to the persistent US budget deficit and higher borrowing costs as reasons for concern.
US 30-year treasury yields rallied to 5% following the announcement, passing November 2023 highs.
Goldman Sachs released estimates that the chances of a US recession this year continue to persist.
Ripple
On trading, Ripple fell 1.1% as of 20:27 GMT on Coinmarketcap to $2.37.
US dollar under pressure after US credit rating cut
The US dollar fell against most major rivals on Monday after the US credit rating downgrade.
Moody’s finally joined Standard & Poor and Fitch and downgraded the pristine US credit rating by one notch, pointing to the persistent US budget deficit and higher borrowing costs as reasons for concern.
US 30-year treasury yields rallied to 5% following the announcement, passing November 2023 highs.
Goldman Sachs released estimates that the chances of a US recession this year continue to persist.
Otherwise, the dollar index fell 0.7% as of 20:10 GMT to 100.4, with a session-high at 100.9, and a low at 100.06.
Aussie
The Australian dollar rose 0.7% against its US counterpart as of 20:24 GMT to $0.6452.
Loonie
The Canadian dollar rose 0.1% against its US counterpart as of 20:24 GMT to $0.7163.
Gold rises 1.5% on haven demand
Gold prices rose on Monday as the dollar index fell against a basket of major rivals and haven demand on the precious metal rose following the US credit rating cut.
Moody’s finally joined Standard & Poor and Fitch and downgraded the pristine US credit rating by one notch, pointing to the persistent US budget deficit and higher borrowing costs as reasons for concern.
US 30-year treasury yields rallied to 5% following the announcement, passing November 2023 highs.
Otherwise, the dollar index fell 0.7% as of 20:10 GMT to 100.4, with a session-high at 100.9, and a low at 100.06.
On trading, gold spot prices rose 1.5% as of 20:11 GMT to $323 an ounce.
Wall Street drops after US credit rating downgrade
US stock indices fell on Monday after the decision by Moody’s to cut the US credit rating.
Moody’s finally joined Standard & Poor and Fitch and downgraded the pristine US credit rating by one notch, pointing to the persistent US budget deficit and higher borrowing costs as reasons for concern.
US 30-year treasury yields rallied to 5% following the announcement, passing November 2023 highs.
On trading, Dow Jones fell 0.2%, or 97 points as of 16:18 GMT to 42,557 points, while S&P 5090 shed 0.3%, or 17 points to 5941 points, as NASDAQ dipped 0.5%, or 85 points to 19,125 points.