The euro hit one-month highs against the dollar and yen on Wednesday after Moody’s affirmation of Spain’s credit ratings eased some concerns that the euro zone debt concern would have worsened had Madrid been cut to junk status. The single currency rose as high as $1.3100, rallying about 30 pips after Moody’s kept its rating on Spain at Baa3, just one notch above junk.
Euro Rises to Highest in a Month on Spain Optimism Before Summit
The euro advanced to a one-month high on opinion Spain will move toward seeking financial assistance, helping contain Europe’s debt concern.
Euro May Rise to $1.32 on Upward Trend Line: Technical Analysis
The euro may rise to the highest in more than five months against the U.S. dollar, The upward trend line from the intraday low of $1.2054 on July 25 and Aug. 2 low of $1.2134 gives it support, Should the euro rise above the September 17 high of $1.3172, it could test $1.32.
Goldman Sachs’s O’Neill Sees Bank of BRICS Gathering Momentum
Leaders from the world’s biggest emerging markets are moving closer toward establishing a development bank of their own, according to Goldman Sachs Asset Management Chairman Jim O’Neill. The so-called BRICS nations of Brazil, Russia, India, China and South Africa have spent the year considering an Indian proposal for a multilateral bank that would be exclusively funded by those nations and finance projects in them.
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