The US dollar fell against most major rivals on Monday after the US credit rating downgrade.

Moodys 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.

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