Europe Is Gloomy and the Land Down Under is Down, Too
Euro traders are gloomy ahead of the EU summit, and rate cuts sting in New Zealand. It's time for your FX Fix.
Moody's downgraded Spain, and the euro traded off. Remember, the last eurozone country Moody's went after was Greece.
Meanwhile, the cost of insuring against a government debt default in Portugal rose to its highest level since January. But the EU summit on Friday is unlikely to produce a plan to deal with the sovereign debt crisis.
The Bank of England held interest rates steadyand the pound slipped against the dollar.
It was a different story in New Zealand, where the central bank cut interest rates 50 basis points. The kiwi sank - but not much, and not for long.
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