Portuguese two notch downgrade causes Euro to sink

Thursday, 24 March 2011 11:21

Portuguese politics weigh the euro down as the currency falls by 0.6% against the Dollar to a four day low at 1.4069.  Moodys downgraded Portugal from A1 to A3 and outlook seems weaker for economic growth.

EUR/USD is currently trading at 1.4082 for FX traders worldwide and,

EUR/JPY is currently trading at 114.17, strengthening the yen despite its efforts to keep the currency low.

Support for the Euro is likely in April as the ECB (European central Bank) president predicts an interest rate appreciation.

 

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