The dollar and the yen rose against their major counterparts following the announcement that CIT group will be unlikely to secure bailout funding from the US Federal Reserve.Bloomberg data show that the two currencies rose against at least 13 of their 16 major counterparts this morning (July 16th), amid fears that the commercial lender will file for bankruptcy imminently.Toshihiko Sakai, head of trading for foreign exchange and financial products in Tokyo at Mitsubishi UFJ Trust & Banking Corp, told the news agency: "The government may perceive there's not much need to provide financial aid. This may cause buying of the yen and the dollar as safe-haven currencies."The Associate Press describes the rejection of CIT bailout funding as a defining moment for the Obama administration as it sets limits to its support for ailing companies.The New Zealand dollars has been prominent among the biggest fallers this week, slumping 1.1 per cent against the dollar today after Fitch Ratings announced downward revisions to the country's long-term credit ratings.