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Euro Sells Off After S&P Cuts Irish Credit Rating
The euro is coming off after S&P just announced that Ireland’s long term credit rating has been cut to AA- from AA. The ratings agency also said that the nation’s outlook remain negative, suggesting that additional downgrades are possible. The announcement comes at a time where Ireland’s bond yields have risen considerably no speculation that the nation will continue facing challenges to pay off its budget deficit. EUR/USD has plunged 46 pips on the news to 1.2620.