The sharp decline from just above 1.2750 to a low of 1.2680 was ostensibly triggered by the Fitch comments that the ECB must do more to prevent a cataclysmic collapse of the euro. But a second, more nefarious school of thought has emerged: That word has leaked that France has gotten the 12-hour warning from S&P that it will be downgraded…
Gotta love this market. It can fill any gap in the imagination…
EUR/USD is consolidating in the 1.2705 area…
