Analysts at Westpac noted on Wednesday that the US dollar erased its overnight gains in Asia as the market shrugged off Moody’s downgrade of Portugal’s credit rating to junk status and the placement of it on the negative watch list. Traders also paid little reaction to Moody’s warning that the banks involved in Greek debt roll over may have to record impairment charges. ~ AFX News
Hardly surprising, if true. Where were these ratings agencies before the global financial crisis? I wish I were the first to make this observation, but I would rate their relevance and predictive performance as "junk".