Euro Tumbles as France Cut to Aa1
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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.
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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