Sovereign downgrades, an electoral backlash against high unemployment and fresh austerity measures are all in the mix today but EUR/USD is finding buyers now just below the 1.4000 level. The 100-day moving average has provoked a nice short-covering pop but rallies are limited to the 1.40050 area so far. More selling is seen toward 1.4075/80, dealers report.
The market seems to like the quickened pace of Greek privatizations, the one bright spot in an otherwise dreary outlook for Greece.
EUR/USD trades ow at 1.4030.
