Dollar weakening due to failed Congress agreement; Greece downgraded yet again
Today's market opened up with news that hit hard on the Dollar; the U.S Congress was not successful in reaching an agreement on an avertion of a debt default. The Dollar was places flat-out for the Euro to climb.
Since friday, the Euro gained over 300 pips against the Greenback, following of an agreement between France, Germany and the backing of the European Central Bank over the Greek debt crisis. The Euro flew sky high a day before the weekend from the 1.41 zone to 1.44 zone in record timing of less than half an hour;
In today's trading session the 17-country currency is still keeping reasonably strong. EUR/USD recorded a day high of 1.4416 so far and a low of 1.4328.
Meanwhile, Greece was downgraded for one more time by Moody's Investor Services today; the ratings agency graded Greece down by three notches, marking it from Caa1 to Ca. Moodys stated that the E.U financing bailout package for Greece implied '' 'substantial economic losses' for private creditors ''.
The agency also stated that they will re-assess Greece's profile when the debt agreement will be completed. Furthermore, Greece will be aided with 109 billion euros .
The Euro is presently trading at 1.4370 against the Dollar.
