The EUR/USD is moving away from the highs toward 1.3000. So far the Euro has been able to hold above 1.3000 but it retreated from 1.3052 and fell to 1.3002.
At the moment of writing the pair is hovering around 1.3010 as the US Dollar gains momentum across the board and trims daily losses. The pair still remains in positive territory headed toward the second daily close above 1.3000 since the beginning of 2012.
The Euro also moved off session highs versus commodity currencies and against the Pound as reports mentioned that the Eurozone and the IMF are not going to increase the bailout loan to Greece.
source: fxstreet.com
While markets await confirmation of the reported euro zone downgrades by Standard & Poor's, which includes France losing its AAA rating, EUR/USD consolidates losses near the bottom of today's range heading into the last hours of trading in Wall Street.
EUR/USD slumped to a fresh 16-month low of 1.2623 on the downgrade talk, and despite a limited bounce attempt it was unable to overcome the 1.2700 mark, and has spent the last hours consolidating below that level. At time of writing, EUR/USD is quoting around 1.2660, where it records a 1.2% loss on the day, having reversed its weekly gains to trade 0.3% below its Monday's opening.
Recently, French FinMin Baroin has confirmed France has been warned it will be downgrade by 1 notch to AA+, Le Monde reports. An official Standard & Poor's statement is expected around 21:00GMT.
source: fxstreet.com
