6th December 2011
A recent recovery in the euro eased this morning (December 6th) following an announcement by ratings agency Standard & Poor (S&P) that credit downgrading could take place if eurozone leaders do not find a solution to the region's debt difficulties in the near future.
As part of the warning, S&P revealed it is considering the downgrade of even the largest European economies, including Germany and France, with investors acting cautiously in regard to forex trading for the single currency as a result.
"S&P has told us what we already knew," Sebastien Galy, FX strategist at Societe Generale, told Reuters. "Most investors are anyways bearish on the euro. Nevertheless, these are good levels for investors to initiate fresh short positions."
Earlier this month, the euro seemed to have turned a corner and was showing signs of renewed strength ahead of meetings between French president Nicolas Sarkozy and German chancellor Angela Merkel.
Begin trading today! Create an account by completing our form
At One Financial Markets we are committed to safeguarding your privacy.
Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.
Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.
Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.
By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.