Forex Currency----According to Moody’s, Irish government is gradually losing its fiscal strength, and its national debt risk has significantly increased. In recent months, Irish governmental fiscal deficit has taken up an ever increasing proportion of GDP, leading to weakened debt sustainability.
Meanwhile, Moody’s also pointed out the gloomy GDP growth outlook. Statistics revealed the significant declining of Irish financial sector and real estate, as well as the continuously decreasing credit of private sectors. Worse more, a series of data concerning capital recombination showed that Irish banking system and governmental debt risk had been increasing with each passing day. Its state-owned assets management department has become a special vehicle created by the government to buy bad loans.
The euro was slightly affected by this negative news. It went down slightly before an immediate rebound. Until GMT 19:22, the euro forex rate rose against the US dollar to 1.2980 dollars.
A forex analyst from Commerz Bank predicted on July 19th that the euro forex rate against the dollar would encounter another resistance between 1.3000 to 1.3010 US dollars before hitting 1.3120 US dollars.----Forex Currency
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By Amanda
