- In early trading yesterday, the euro weakened against the greenback after a leading ratings agency downgraded Ireland’s sovereign rating from AA+ to AA. Standard & Poor’s said it believed the Irish government’s ability to service its fiscal debts was the primary factor behind its decision.
- The dollar also benefitted from strong US employment data released on Friday, which came in well ahead of forecast, therefore fuelling speculation that the Fed may raise interest rates early next year.
- So far today, the euro has recouped some of the losses it made against the greenback yesterday as investors eye important German industrial production figures at 11.00 BST. There are no major announcements out in the US today.
Tuesday, 9 June 2009
Euro finishes down after Ireland's credit downgrade
The euro weakened by 0.68 cents (0.49%) against the US dollar yesterday to finish the day at $1.3899.
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