You can’t spell PIGS without Portugal and now S&P has placed that country on watch for a potential downgrade. In recent days, Ireland, Greece and Spain had been placed on watch. More bad news for the eurozone.
EUR/USD succumbed to selling in the run-up to the London fixing at 16:00 GMT, falling as low as 1.3168 before stabilizing. It trades now at 1.3198.
