The news has seen EUR/USD come under accelerated pressure, hitting a session low 1.4048 before recovering to 1.4060 at writing. Earlier sources had noted buy orders at 1.4050 and 1.4030. The fact that S&P already downgraded Ireland on June 8th will be helping limit the damage.
Moody’s downgrades Ireland to AA1 from AAA, outlook negative
Source: www.forexlive.com
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