At least last week, when Moody’s downgraded Portugal, the currency markets paid Moody’s some respect, when the euro fell sharply over the course of an hour or so.
This time, with Moody’s downgrading Ireland, the markets couldn’t be bothered.
There was an oh-so-brief moment of turmoil a little bit ago, but the euro is back off to the races, ready to break through $1.30 it would seem. Time to cancel those European vacation plans.
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