Ireland’s debt authority says Fitch has cut their rating to AA+ from AAA. The move will have limited impact in that S&P cut the rating about 10 days ago. Moody’s cut all the Irish bank ratings earlier today. The Impact of all the ratings moves is muted as the EU is seen standing behind Ireland in the near-term should they run into serious difficulty funding their debt.
EUR/USD has dipped to the 1.3290 level from session highs at 1.3309. 1.3320 is an important resistance level in the short-term.
