Let me get this straight: the same geniuses who rated sub-prime poop as AAA today downgrades a bank that the US government holds a 40% stake in and has vowed it will not let fail. There seems to be something of a disconnect there, but I’m just a humble FX scribe.
US equities are back under pressure, down 1.6% with about 35 minutes to go. EUR/USD has dipped to 1.2680 as stocks go soft.
