forexsq - The euro jumped to a one-month high versus the dollar and gained ground on other major rivals Wednesday after ratings firm Moody‚Äôs Investors Service held Spain‚Äôs 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.
‚ÄúSpain‚Äôs 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 ‚Äėpositive‚Äô Spanish news is causing a broad-based risk rally,‚ÄĚ said Kathleen Brooks, research director at Forex.com in emailed comments.
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