Greek Credit Rating Pulls Euro Down
The euro had a weak performance today losing versus the greenback and the dollar after Greece credit rating was downgraded by a financial agency, bringing risk aversion up in European stock markets.
After Greece’s rating second downgraded by Standard and Poor’s this year, the euro was deeply affected as concerns that several member countries using the common currency will still face complications in 2010, declining attractiveness for the euro that touched a two month low versus the U.S. dollar this Thursday.
EUR/USD traded at 1.4347 as of 20:19 GMT from a previous rate of 1.4517 in the intraday comparison.
If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.
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CategoriesEarlier News About the Euro:
- Euro to Tumble Further on Market Sentiment Shift (2009-12-16)
- Euro Rebounds on Abu Dhabi-Dubai Bail Out Plan (2009-12-14)
- Euro Suffers as Dubai Situation Worsens (2009-12-10)
- Less Liquidity — Stronger Euro. Or Not? (2009-12-04)
- Euro Up as ECB Shifts Stimulus Program (2009-11-05)
2 Comments
Greece and Dubai’s defaults are a big warning sign. There are going to be more countries defaulting on their debt, and massive financial chaos is a definite possibility.
i agree entirely, yet, in the case of Greece, being a member of European Union, it will be backed by the ECB, specially being an Eurozone member country, while Eastern EU nations are having a much more complicated fate