Rumors of a Spanish downgrade continue to swirl through the markets, bouncing around like a chain letter….there have probably been three or four in the last 48 hours alone…
EUR/USD is modestly pressured at the moment, unable to sustain gains despite some jawboning from the ECB, a downwardly revised US GDP report and denials by China and Kuwait that they are concerned about euro holdings. Even talk of euro demand at the fixing isn’t helping.
Objects in motion tend to stay in motion, I guess. EUR/USD trades now at 1.2235.
Very minor support is seen at 1.2220 with more at 1.2180 followed by the 1.2145/55 zone, the line in the sand…
