Market news
17.12.2010, 10:48

European focus: The euro rose

The euro rose against the dollar for a second day after European Union leaders agreed to create a mechanism to contain future debt shocks and the European Central Bank armed itself with more capital.
The euro gained versus 13 of its 16 most-traded counterparts even as Moody’s Investors Service cut Ireland’s credit rating. The yen headed for a weekly loss against most of its major peers as Asian stocks advanced. The Swiss franc traded at a record versus the common currency.
Moody’s today cut Ireland’s credit rating by five levels to Baa1 after the government was forced to ask for external aid last month, staggered by losses in the banking system.
“The Irish government’s financial strength could decline further if economic growth were to be weaker than currently projected or the cost of stabilizing the banking system turn out to be higher than currently forecast,” Moody’s said in an e- mailed statement.

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