We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • Heads Up:🇯🇵 Coincident Index Prel due at 05:00 GMT (15min) Expected: 90.3 Previous: 90.2 https://www.dailyfx.com/economic-calendar#2020-06-05
  • Heads Up:🇯🇵 Leading Economic Index Prel due at 05:00 GMT (15min) Expected: 84.5 Previous: 84.7 https://www.dailyfx.com/economic-calendar#2020-06-05
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.21%, while traders in US 500 are at opposite extremes with 77.99%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/E7VjXi4QEU
  • (Tech Special) The British Pound technical outlook still seems to favor the downside. $GBPCAD may pressure key rising support from August as $GBPAUD could prolong its downtrend. $GBPCHF may fall #Sterling - https://www.dailyfx.com/forex/technical/article/special_report/2020/06/05/British-Pound-Price-Forecast-GBPCAD-GBPAUD-GBPCHF.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/tlG5RUQjG9
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.13% 🇦🇺AUD: 0.12% 🇪🇺EUR: 0.02% 🇬🇧GBP: -0.00% 🇯🇵JPY: -0.05% 🇨🇭CHF: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UUqv6IiWQe
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.63% France 40: 0.60% Wall Street: 0.50% US 500: 0.47% FTSE 100: 0.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/8H4zYnZfdH
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/C5CbXagGKz
  • The $USD is falling against #ASEAN currencies such as the Singapore Dollar and Indonesian Rupiah as stock markets rise. Watch out for US-China escalation and Brexit talks. Get your market update from @ddubrovskyFX here:https://t.co/PziC8KZaIC https://t.co/muLbK70XuP
  • Wall Street Futures Update S&P 500: +0.38% Dow Jones: +0.45% NASDAQ 100: +0.24% (delayed) - BBG
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/QMgZVphJzo
Brief Euro Rebound Stalls as Fitch Downgrades Greece

Brief Euro Rebound Stalls as Fitch Downgrades Greece

2012-05-17 18:04:00
Lujia Lin,

THE TAKEAWAY: Fitch cuts Greece’s LT debt ratings to CCC > Rating action reflects elections, heightened risk of Euro exit > EUR lower

Fitch cut Greece’s long-term debt ratings to CCC from B- on Thursday, pushing the Euro below 1.2720 versus the US Dollar.

Brief_Euro_Rebound_Stalls_as_Fitch_Downgrades_Greece_body_Picture_5.png, Brief Euro Rebound Stalls as Fitch Downgrades Greece

Chart generated using FXCM Strategy Trader. Bar denotes release of rating decision.

In its statement, the agency cited the results of the May 6 election, the inability of Greek parties to form a functional coalition, and doubts about the country’s ability to remain in the Eurozone. In addition, Fitch cut Greece’s country ceiling to B- from AAA. This represents an effective cap on ratings on all issuers in Greece.

Fitch had previously raised Greece’s credit rating from “restricted default” to B- on March 13 after the conclusion of the country’s debt swap at the end of February, which reduced the face value of the Hellenic Republic’s debt burden by over 100 billion Euros.

The news caused the EURUSD pair to move lower once again after rebounding from an intraday low of 1.2665. Significant event risk for the common currency remains on the table, including additional negative developments from the Spanish banking sector. With reports that Spain’s recently nationalized lender Bankia has seen around 1 billion Euros of deposit withdrawals since the takeover on May 9, and a likely downgrade of Spanish banks by Moody’s later today, the Euro is set to remain under significant pressure.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.