The risk on trade is working in early afternoon in New York but news of a fresh downgrade of four Portuguese banks by Fitch may cool the EUR leg of the rally, somewhat…
The downgrades reflect increased funding and liquidity risks due to high reliance on short-to-medium term wholesale funding with increased recourse to ECB funding, according to the press release…
Small stops are seen in the 1.3955 area in EUR/USD, but offers return toward 1.3975/80.
