The Euro came under pressure this morning following Moody’s rating of the Irish note to AA1.

[RTFX-Trading]

The Euro came under pressure this morning following Moody’s rating of the Irish note to AA1.

The Euro fell in against its major rivals to 1.4065 against the Dollar and 135.93 against the Yen. The rating agency Moody's has lowered its rating of the Irish sovereign note to AA1 from AAA earlier. The agency added that its outlook on the Irish economy is negative. The deterioration of the financial soundness of the Irish follows the commitments undertaken for the recapitalization of banks.

The market is on edge, waiting for the announcement of the ECB’s monetary policy at 13h45 CET, followed by a speech from ECB president Jean-Claude Trichet at 14h30 CET.


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