The euro reached its lowest level since December 2000 against the yen (close to 97) and Asian stock markets lost 1-2% today after S&P’s rating downgrade of several euro zone countries on Friday night. The rating agency removed France’s and Austria’s AAA rating and cut the ratings of Italy, Portugal, Spain, Cyprus, Malta, Sloavakia and Slovenia as Europe’s effort to fight the crisis are deemed inadequate with poor results thus far. The upcoming bond auctions by several euro zone countries could further pressure the common currency; France is first to try and sell 8.7 billion euros worth of bills today, followed by Spain and Greece tomorrow while Germany and Portugal continue on Wednesday.
AUDUSD 1h chart
The pair is getting squeezed by the supporting ascending trendline and heavy resistance around 1.0370 area. A break and close outside of this range should accelerate momentum on either side.
AUD/USD" title="AUD/USD" width="1240" height="669">
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S&P's Downgrades Push EUR/JPY to 11 year low
Published 01/16/2012, 08:04 AM
Updated 04/25/2018, 04:40 AM
S&P's Downgrades Push EUR/JPY to 11 year low
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