S&P takes ratings actions on 16 Euro-Zone nations, downgrades EFSF Chinese GDP comes in at 8.9%, higher than 8.7% estimate Moody’s chief says Greece is insolvent and will default Euro sentiment at risk of snapping back from bearish extremes Usually when the Euro rallies on bad news, the move gets attributed to positive data from elsewhere, like China. Why China decides to have its most important economic releases coincide with European news is another story, though. But we believe there’s a much more sensible reason for the 185 pip rally in Euro from the lows put in during Friday’s downgrades of European ... (full story)