Forex - Euro hits 1-month high as Moody’s affirms Spain

Posted by Forexsq 679 days ago (http://www.marketwatch.com)
img forexsq - The euro jumped to a one-month high versus the dollar and gained ground on other major rivals Wednesday after ratings firm Moody’s Investors Service held Spain’s rating a notch above junk grade in a long-awaited decision late the previous day.

The euro EURUSD +0.5012% fetched $1.3112 in recent action, up from $1.3051 in North American trade late Tuesday. The shared currency traded as high as $1.3121 in Asian action, according to FactSet, its highest level since Sept. 17.

“Spain’s near miss with a junk credit rating has boosted not just the euro but also the Aussie [Australian dollar] and the kiwi [New Zealand dollar], which suggests ‘positive’ Spanish news is causing a broad-based risk rally,” said Kathleen Brooks, research director at Forex.com in emailed comments.

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