US bank stocks slump on Fitch downgrade warning, 10-year US yield turns south

Eren Sengezer FXStreet

Fitch Ratings analyst told CNBC on Tuesday that the agency could downgrade several big lenders, including JPMorgan, as reported by Reuters.

The financial-heavy Dow Jones Industrial Average opened in negative territory following this headline and was last seen losing 0.6% on a daily basis. Reflecting the poor performance of bank stocks, the S&P 500 Financials Index was down more than 1% at the time of press.

Meanwhile, the benchmark 10-year US Treasury bond yield turned negative on the day below 4.2%, causing the US Dollar Index to erase the gains it posted after the upbeat US Retail Sales data for July.

US Dollar price today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.

	USD	EUR	GBP	CAD	AUD	JPY	NZD	CHF
USD		-0.28%	-0.36%	-0.01%	0.10%	-0.05%	-0.02%	-0.18%
EUR	0.29%		-0.06%	0.31%	0.40%	0.21%	0.27%	0.13%
GBP	0.35%	0.08%		0.35%	0.45%	0.31%	0.33%	0.16%
CAD	0.00%	-0.30%	-0.36%		0.10%	-0.09%	-0.02%	-0.21%
AUD	-0.16%	-0.45%	-0.52%	-0.14%		-0.25%	-0.18%	-0.33%
JPY	0.07%	-0.22%	-0.24%	0.06%	0.15%		0.06%	-0.12%
NZD	0.02%	-0.28%	-0.35%	0.01%	0.12%	-0.04%		-0.16%
CHF	0.17%	-0.13%	-0.19%	0.18%	0.27%	0.08%	0.16%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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