This morning, Standard and Poors downgraded the sovereign debt rating of Spain from AAA to AA+. With Greece’s rating downgraded last week and Ireland and Portugal on credit watch negative, this could be the beginning of more downgrades.
Therefore it is important to consider what it means for a country to have their credit rating [...]

Posted in Forex Technicals, eur/usd, euro, forex blog, spain downgraded No Comments »

With the US markets closed for Martin Luther King’s Day, the odds were skewed towards a quiet trading. However, big news in Europe has made it anything BUT quiet.
After hitting an intraday high above 1.33, the EUR/USD has sold off aggressively on news that Standard and Poors downgraded the sovereign [...]

Posted in 2009 eurusd forecasts, 2009 gbpusd forecast, Bank of England, British Pound, ECB, ecb rate cut, eur/gbp, eur/usd, forex blog, spain downgraded 2 Comments »