EUR downgrade: The E

EUR downgrade: The EUR has dropped to its lowest level this week after Rating Agency Moody’s cut Spain’s sovereign debt rating to Aa2. The EUR downgrade is imminent as the fear of debt crisis enthralls the Euro Zone. Moody’s rating cut, from Aa1 to Aa2, overshadows a negative future outlook of Spain; as a recapitalization of its struggling banks outweighs the government’s ability and estimate and will further enhance the debt threat. www.mbcfx.com