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Wednesday, 23 April 10:21 (GMT -05:00)


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Foreign exchange market

EURUSD: S&P Downgrades Spain’s Rating


 

 

Standard & Poor's analysts assume that the Spanish economy has entered a recession. The rating agency has downgraded the forecast for Spain ’s economic growth: the GDP is expected to shrink by 1.5% in 2012 and by 0.5% in 2013.
 

 

 

 

 

 

Having considered the current state of Spain ’s economy, S&P decided to cut Spain ’s sovereign rating by 2 levels at a time form "A" down to "BBB+” with a negative forecast.
 
Forex.
 
According to Masterforex-V Academy, EURUSD reacted in an adequate way. It is still retracing against the previous rally. It is very likely that the downswing will reach the Sloping Axis of wave level H1-H4. The closest expected target is 1.3142.

 

 

 

 

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