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S&P downgrades pull down euro

16th January 2012

Fears over the extent of the European debt crisis have worsened in recent days, especially following the downgrading of nine eurozone countries, including France, over the weekend.

As a result, the euro has fallen in forex trading this morning to a 17-month low against the US dollar at $1.2624, Reuters reports.

Furthermore, the euro has dipped to an 11-year nadir against the Japanese yen. This has now certainly put paid to last week's glimmer of hope that a recovery could be underway.

"All the signals from Standard & Poor (S&P) were that the crisis will get worse before it gets better and I struggle to find an argument for not being short of euro/dollar at the moment," said Niels Christensen, currency strategist at Nordea in Copenhagen.

The news follows action by S&P to downgrade a host of European economies, with Italy, Spain, Portugal and Cyprus being downgraded by two notches and France, Austria, Malta, Slovakia and Slovenia by one notch each.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.