Sunday, January 15, 2012

EUR/USD 1,2648

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.



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