Euro under new pressure as Spain’s credit rating falls
After the markets closed on Friday, Fitch bond rating downgraded Spain’s credit from AAA. I’m going to editorialize and say that these ratings agencies have been shown to be behind the curve and dishonest. Nonetheless, France has come out and fears that it will receive a downgrade as well. U.S. and London have holidays on Monday, but other European markets will react to Friday’s news. Currency speculation has a tendency to make any rise and fall of a currency more dramatic.