US Dollar Rises Against Major Counterparts

Dollar Rises Against Major Counterparts The U.S. dollar firmed against its major counterparts on Tuesday, as weaker-than-expected trade data from China, and Moody’s downgrade of the credit ratings of about ten small and mid-sized banks in the U.S lifted the currency’s safe-haven appeal. China’s exports and imports both fell more than expected in July, threatening recovery prospects and adding to pressure on policymakers to unveil additional stimulus. Chinese exports fell 14.5% from a year earlier in July, while imports tumbled 12.5% in a sign of weak overseas and domestic demand. In U.S. economic news, data showed U.S. trade deficit narrowed…