Investing.com - The Euro traded lower against the U.S. Dollar Friday on a Moody’s Investor Services downgrade of Italy’s credit rating and a slowdown in China’s gross domestic product.
EUR/USD traded down 0.07% at 1.2194 in early session U.S. trade.
The pair was likely to find support at 1.2168, Thursday’s low, and resistance at 1.2334, Tuesday’s high.
Moody’s slashed Italian government bond rating by two levels to Baa2 and reiterated that additional downgrades may be forthcoming.
Baa2 bond rating is two levels above junk bond status and one level higher than Spanish bonds.
However, Italy’s borrowing costs declined at a debt sales helping support the single currency.
Adding to the negative growth sentiment, China’s GDP expanded 7.6% last quarter from a year prior. This is down from an 8.1% increase the previous period and the 7.7% average analysts forecast.
In addition, China’s exports grew 11.3% last month down from 15.3% in May. While imports increased 6.3% compared with 12.7%.
Meanwhile, the Euro was down against the British Pound and the Japanese Yen, with EUR/GBP falling 0.22% to hit 0.7892 and EUR/JPY giving back 0.17% to hit 96.64.
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Forex - EUR/USD lower on Italian downgrade, global growth worries
Published 07/13/2012, 07:18 AM
Updated 07/13/2012, 07:20 AM
Forex - EUR/USD lower on Italian downgrade, global growth worries
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