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8 Mar 2013
Forex: EUR/USD muted after Fitch downgraded Italy
The bloc currency remained indifferent after agency Fitch downgraded Italy’s credit rating to BBB+ from A-, keeping the negative outlook. Amongst the reasons, Fitch cited the uncertainties still surrounding the Italian government after the recent elections and the worrisome domestic fundamentals.
Recall that the single currency dipped well into the negative territory after the US economy created 236K jobs during February, crushing estimates at 160K. In the same line, the us jobless rate ticked lower to 7.7% from 7.9%.
At the moment the cross is 0.97% at 1.2979 with the next support at 1.2956 (low Mar.8) ahead of 1.2929 (low Dec.11) and then 1.2881 (low Dec.10).
On the upside, a breakout of 1.3055 (MA200h) would expose 1.3135 (high Mar.8) en route to 1.3163 (high Feb.28).
Recall that the single currency dipped well into the negative territory after the US economy created 236K jobs during February, crushing estimates at 160K. In the same line, the us jobless rate ticked lower to 7.7% from 7.9%.
At the moment the cross is 0.97% at 1.2979 with the next support at 1.2956 (low Mar.8) ahead of 1.2929 (low Dec.11) and then 1.2881 (low Dec.10).
On the upside, a breakout of 1.3055 (MA200h) would expose 1.3135 (high Mar.8) en route to 1.3163 (high Feb.28).