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reaction in the dollarwould likely be limited should a downgrade occur.
Fitch Ratings said the agreement to raise the U.S.borrowing capacity means the risk of a sovereign default is"extremely low" and commensurate with a AAA rating.
Bill Gross, co-chief investment officer at PacificInvestment Management Co in Newport Beach, CaliforniaNFL Youth Jerseys was a scenario notconducive for risk-taking., saidthat until Washington has a more balanced approach to thebudget that includes both spending cuts and revenue raising aswell as programs that focus on job creation, the dreadedratings agency downgrade "is in our immediate future".
"This agreement christian louboutin pronunciation , more than anything, seals the fate of thedollar -- it is headed downward."
The growth implications of the budget deal also do not bodewell for the U.S. currency, fund managers said.
"It's going to slow down economic growth. It also brings infuture uncertainty because we don't know how much is going tobe done and what regulations will be enacted," Mellon Capital'sXiong said. "The uncertainty is causing everybody to postponetheir consumption and spending."
And steps to reclaim a top-notch rating would also drag ongrowth christian louboutin pronunciation , said Christopher Sebald, chief investment officer ofAdvantus Capital Management in St. Paul, Minnesota. "Adowngrade is bad for the dollar because slower growth will keeprates low for a longer period." Sebald oversees $22 billion.
But if the markets are starting to price in "globalrecessionary concern," the dollar could actually rally asTreasuries get a flight to quality bid christian louboutin pronunciation , said Paresh Upadhyaya,head of Americas G10 FX Strategy at BofA Merrill Lynch GlobalResearch in New York.
The euro EUR= was last down 0.3 percent at $1.4202 afterslumping to $1.4151 christian louboutin pronunciation , its weakest since July 21.
The dollar slipped 0.1 percent to 77.13 JPY=. It was notfar from a four-month low of 76.29 yen hit on Monday on EBS,just shy of its trough of 76.25 set in March which triggeredcoordinated intervention by major central banks.
The yen's s