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Forex: EUR/USD muted after Fitch downgraded Italy

The bloc currency remained indifferent after agency Fitch downgraded Italy’s credit rating to BBB+ from A-, keeping the negative outlook. Amongst the reasons, Fitch cited the uncertainties still surrounding the Italian government after the recent elections and the worrisome domestic fundamentals.

Recall that the single currency dipped well into the negative territory after the US economy created 236K jobs during February, crushing estimates at 160K. In the same line, the us jobless rate ticked lower to 7.7% from 7.9%.

At the moment the cross is 0.97% at 1.2979 with the next support at 1.2956 (low Mar.8) ahead of 1.2929 (low Dec.11) and then 1.2881 (low Dec.10).
On the upside, a breakout of 1.3055 (MA200h) would expose 1.3135 (high Mar.8) en route to 1.3163 (high Feb.28).

Fitch downgrades Italy to BBB+, outlook negative

Fitch Ratings decided to downgraded Italy's rating to 'BBB+' from 'A-', citing the inconclusive results of the Italian parliamentary elections and deeper recession as the main reasons. Fitch also kept negative outlook on the country, meaning Italy could see another downgrade.
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Forex: AUD/USD found support at 1.0210

Following a 75 pips decline, the AUD/USD found support at the 1.0210 where the pair bounced to trade at the 1.0235 level. Currently the Aussie is trading at 1.0230, just above MA 200 hours line.
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