FXstreet.com (Barcelona) - Is the Euro setting its sight toward the 1.3172 September 17 high after all? The technical case is certainly building, as buyers have lately been emboldened by mounting evidence over the proximity of a rescue request by Spain, German lawmakers supposedly agreeing to extend the line of credit to the country, and putting the cherry on top of the cake for buyers, was Moody's confirmation of Spain's Baa3 rating, keeping it (just) in the investment grade universe.
Moody's rating agency, amid an extended rationale, stated, that "the combination of euro area and ECB support and the Spanish government's own efforts should allow the government to maintain capital market access at reasonable rates, providing it with the time it needs to stabilise public debt over the next few years". Moody's assigned a Negative Outlook to the rating because risks to the "baseline scenario are high and skewed to
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