Euro Tumbles as France Cut to Aa1

November 19, 2012 5:34 PM EST
The value of the Euro declined late Monday after France's government bond rating was cut to Aa1 from Aaa by ratings agency Moody's. The spot price of EUR/USD and euro crosses declined following the announcement.

The downgrade cited structural challenges to France's long-term outlook and fiscal uncertainty due to subdued domestic and external demand. Moody’s also said France's ability to absorb euro area shocks had diminished.

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