On Tuesday, the dollar fell to record low versus the Swiss franc after as the impact of the S&P cut to U.S. sovereign rating by one step to AA+, losing its top rating for the firs time since 1941, is still having negative effect on the market, sparking demand on refuges, led by the franc which remain the most favorable safe harbor amid the improvement in the Swiss economy. The dollar remained weak before the Fed meeting. The negative sentiment is still giving strong support to the franc which makes the mission of the SNB very difficult to curb the franc’s advance. Last week, the SNB unexpectedly cut interest rate and announced it may adopt any needed measures to stop the franc’s rally. On Wednesday, the US will release MBA mortgage applications for August 5 at 11:00 GMT followed by monthly budget statement at 18:00 GMT, while the Swiss economy lacks fundamentals. The news is not expected to have a significant impact on the market, where worries are expected to continue in the market.