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 , 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.
