Bad Trading Day For The Euro

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Forexyard

Wednesday has been a bad trading day for the euro so far as the European single currency suffered broadly during the first half of the day. A massive decline this morning saw the euro drop almost 1 per cent against the US dollar at ForexYard, following disagreements from Eurozone ministers regarding the Greek debt crisis and also news that some of France’s largest banks could face credit rating downgrades by leading rating agency Moody’s.

In recent weeks Forex traders have witnessed the euro holding its own, especially against the US dollar, which has been facing its own difficulties. However, the euro took a huge hit during the early London trading, with prices for the EUR/USD plummeting as low as $1.4310, still a distance above the support levels that are believed to be around the $1.4250 mark.

Today’s catastrophe of the euro was first triggered by news that financial ministers within the EU are failing to come to an agreement regarding any further economic assistance for Greece and any restructuring of the current debt repayment plan. This has led to uncertainty among Forex traders who buy or sell the euro. Another blow for the euro was the speculation that leading French banks BNP Paribas SA, Societe Generale SA and Credit Agricole SA may all face credit rating reductions by Moody’s. This is mainly due to their exposure to Greek debt.

So the euro is under the cosh once again but if you want to speculate on the future fortunes of the euro or many other foreign currency pairs visit www.forexyard.com. ForexYard is one of the internet’s most popular online Forex trading sites that offers a good choice of currencies to trade, tight spreads and no commission plus a Forex bonus of up to $1,000 when you first fund your trading account.