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♦️The US dollar saw a slight decline at the beginning of trading in the Asian market on Monday, reducing gains that lasted for four weeks, after Moody's surprised markets by downgrading the US sovereign credit rating amid ongoing trade tensions that affected investor sentiment.
♦️The dollar had risen by 0.6% against a basket of major currencies last week, following a temporary truce in the trade dispute between the United States and China, which eased concerns about a global recession, but economic data showed an increase in import prices and a decline in consumer confidence.
♦️The dollar fell by 0.3% against the Japanese yen to reach 145.22 yen, and also declined by 0.2% against the Swiss franc, which is another currency considered a safe haven.
♦️Meanwhile, the Australian dollar rose by 0.1% to 0.6409 US dollars, after three days of losses, just before the Reserve Bank of Australia's meeting on Tuesday, where expectations indicate a quarter-point interest rate cut from its current level of 4.10%.
♦️The euro rose by 0.2% to 1.1185 US dollars, while the British pound recorded 1.3299 US dollars, increasing by 0.1%.
♦️The New Zealand dollar rose by 0.1% to 0.5888 US dollars.