Euro falls on Spain's downgrade

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Source: Bloomberg
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The 17-nation currency plunged nearly to two-year record low versus greenback after Egan-Jones Ratings cut Spanish sovereign rating from BB-to B. The Euro depreciated to USD 1.2468 in Asian trade and hit JPY 99.05 versus Japanese currency. Euro has dropped 6.3% versus Yen in May. Currently EUR/USD is trading at  USD 1.2469 and EUR/JPY is trading at  JPY 99.09.
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Wed, 30 May 2012 06:20:30 GMT

The US demands prompt actions of the Eurozone's officials

The US officials are demanding policy makers in Spain, Greece, France and Germany to contain the EU contagion amid the undermined Spanish financial system and political standoff in Greece, as it threatens to cause new worries for the US economy. The officials encourage prompt actions on several fronts, with using €700 billion rescue fund to recapitalize European banks. 

Wed, 30 May 2012 06:54:03 GMT

Egan-Jones lowers Spain's credit rating

Egan-Jones Ratings downgraded Spain's national credit rating from BB- to B on Tuesday citing country's weakening economic outlook. Ratings agency based its decision on record high unemployment of 24% and large scale bank losses of more than EUR 260 billion. The difference in borrowing costs between German and Spanish bills climbed to the highest level since the introduction of common currency. Euro

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