Investing.com – The euro surged to its highest level against the U.S. dollar since November on Monday, as the single currency shrugged off a downgrade on Greece’s debt by ratings agency Moody’s.
EUR/USD hit 1.4036 during European morning trade, the pair’s highest since November 8; the pair subsequently consolidated at 1.4029, climbing 0.30%.
The pair was likely to find support at 1.3832, Thursday’s low and short-term resistance at 1.4084, the high of November 8.
Moody's downgraded Greece to B1 from Ba1, with a negative outlook, saying the likelihood that the country will default has risen since June and that it may not meet solvency criteria for official support after 2013.
Moody's also said Greece's reforms and consolidation plans were very ambitious and were subject to considerable implementation risks, while the country continues to struggle with revenue collection.
The euro found support after European Central Bank President Jean-Claude Trichet said Thursday the bank may hike interest rates in April.
Meanwhile, the euro was slightly lower against the pound, with EUR/GBP slipping 0.08% to hit 0.8589.
Later in the day, ECB head Jean-Claude Trichet was to speak at a public engagement, while the U.S. was to publish official data on consumer credit.
EUR/USD hit 1.4036 during European morning trade, the pair’s highest since November 8; the pair subsequently consolidated at 1.4029, climbing 0.30%.
The pair was likely to find support at 1.3832, Thursday’s low and short-term resistance at 1.4084, the high of November 8.
Moody's downgraded Greece to B1 from Ba1, with a negative outlook, saying the likelihood that the country will default has risen since June and that it may not meet solvency criteria for official support after 2013.
Moody's also said Greece's reforms and consolidation plans were very ambitious and were subject to considerable implementation risks, while the country continues to struggle with revenue collection.
The euro found support after European Central Bank President Jean-Claude Trichet said Thursday the bank may hike interest rates in April.
Meanwhile, the euro was slightly lower against the pound, with EUR/GBP slipping 0.08% to hit 0.8589.
Later in the day, ECB head Jean-Claude Trichet was to speak at a public engagement, while the U.S. was to publish official data on consumer credit.