{"id":7911,"date":"2010-03-24T11:06:58","date_gmt":"2010-03-24T15:06:58","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7911"},"modified":"2010-03-24T11:06:58","modified_gmt":"2010-03-24T15:06:58","slug":"forex-euro-drops-on-portugal-downgrade-eurusd-falls-below-1-3400","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/24\/forex-euro-drops-on-portugal-downgrade-eurusd-falls-below-1-3400\/","title":{"rendered":"FOREX: Euro drops on Portugal downgrade. EUR\/USD falls below 1.3400"},"content":{"rendered":"<p><strong>By CountingPips.com<\/strong><\/p>\n<p>The European common currency declined sharply today in forex trading as Portugal&#8217;s credit rating was downgraded to &#8220;AA-&#8221; by the ratings agency Fitch Ratings. Portugal&#8217;s credit rating was &#8220;AA&#8221; before today&#8217;s action. The downgrade was <a href=\"http:\/\/countingpips.com\/fx\/wp-content\/uploads\/2010\/03\/Euro200x150.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-7913\" title=\"Euro200x150\" src=\"http:\/\/countingpips.com\/fx\/wp-content\/uploads\/2010\/03\/Euro200x150.gif\" alt=\"\" width=\"208\" height=\"170\" \/><\/a>prompted on concerns of the country&#8217;s high debt obligations and has added more negative sentiment for the euro on top of Greece&#8217;s well publicized debt problems.<\/p>\n<p>EU leaders are scheduled to meet for a Eurozone summit on Thursday and Friday and will be faced with renewed pressure to come up with a European solution for Greece&#8217;s troubles or turn to the IMF for help after the Portugal downgrade. German Chancellor Angela Merkel has said that the summit <span style=\"text-decoration: underline;\"><a href=\"http:\/\/www.ft.com\/cms\/s\/0\/ee055e82-3529-11df-9cfb-00144feabdc0,dwp_uuid=2b8f1fea-e570-11de-81b4-00144feab49a.html\" target=\"_blank\">won\u2019t lead to a decision<\/a><\/span> on Greece\u2019s situation while <span style=\"text-decoration: underline;\"><a href=\"http:\/\/www.ft.com\/cms\/s\/0\/4da90494-35f0-11df-aa43-00144feabdc0.html\" target=\"_blank\">other EU leaders<\/a><\/span> are pressing for a framework that could lead to a solution.<\/p>\n<p>News out of the EU summit will likely play a pivotal role in the euro&#8217;s direction, especially in the short-term.<\/p>\n<p><a href=\"http:\/\/countingpips.com\/fx\/forex-charts\/united-states\/eurusd\/\"><strong>EUR\/USD 4-Hour Chart<\/strong><\/a> &#8211; The EUR\/USD currency pair fell to a fresh 10-month low-point today as the pair touched its lowest level since May 7th, 2009 at the 1.3332 exchange rate. The EUR\/USD had risen to the 1.3817 exchange rate as recently as March 17th before declining over the past week and accelerating lower today. Today&#8217;s action has seen the euro fall by over 100 pips to the dollar while the euro touched a fresh <span style=\"text-decoration: underline;\"><a href=\"http:\/\/countingpips.com\/ForexVideo\/2010\/03\/24\/eurchf-at-all-time-low\/\">all-time low versus the Swiss franc<\/a><\/span>.<\/p>\n<p><a href=\"http:\/\/countingpips.com\/fx\/wp-content\/uploads\/2010\/03\/3-24euro1.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-7917\" title=\"3-24euro\" src=\"http:\/\/countingpips.com\/fx\/wp-content\/uploads\/2010\/03\/3-24euro1.gif\" alt=\"Forex - EURO falls vs US Dollar\" width=\"595\" height=\"400\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EUR\/USD currency pair fell to a fresh 10-month low today&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7911","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=7911"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7911\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=7911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=7911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=7911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}