Euro down against dollar

2010-06-15 09:20

The euro is lower against the US dollar following Moody’s decision

to downgrade Greece’s credit rating to “junk” status.

In morning European trading today the 16-nation euro bought

$1.2182, down from $1.2243 the night before in New York. The British pound was

down slightly to $1.4731 from $1.4771 in New York while the dollar was down to

91.32 Japanese yen from 91.52 the night before.

Moody’s decision follows that of the Standard and Poor’s and Fitch

agencies to slash Greece’s rating to a non-investment grade status.

Analysts say the move did not materially change what the markets

know about Greece and its debt problems but still reinforced worries about the

eurozone economy.

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