spanish debt

Last evening the bond rating company S&P reduced the ratings of Spanish sovereign debt toward the junk level. As might be expected, this proved bearish on the euro versus the USD, taking the pair down close to the 200-day SMA at 1.2825. Then it bounced and has since rallied to the 1.2940 area...

The European Central Bank President, Mario Draghi, at a meeting in London yesterday, led cheers for the future of the euro. Draghi said: "Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough." There is no way to know if these...