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EUR/USD Falls as Spain’s Rating Goes Down

March 10, 2011

EUR/USD slumped today as Moody’s Investors Service downgraded Spain’s credit rating to Aa2. The news from the US weren’t good either as the trade balance and the federal budget balance posted a bigger deficit, while number of the unemployment claims increased. EUR/USD currently trades at about 1.3795.

US trade balance deficit widened from $40.3 billion to $46.3 billion in January. The median forecast promised a smaller deficit of $41.4 billion. (Event A on the chart.)

Initial jobless claims increased to 397k last week in the US — 26k than the previous week’s value of 371k. A smaller increase to 375k was predicted. (Event A on the chart.)

Treasury budget posted a deficit of $222.5 billion in February, compared with the $49.8 billion deficit in January. Market participants expected a deficit of $232.1 billion. (Event B on the chart.)

EURUSD for 2011-03-10

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