Euro slips after Moody's slashes Ireland's rating

The euro fell against the dollar on Friday and looked set to extend losses after a multi-notch downgrade of Ireland's credit rating overshadowed solid German economic data and underscored the severity of the euro zone debt crisis.

Moody's Investors Service slashed Ireland's credit rating by five notches to Baa1 with a negative outlook from Aa2 and warned further downgrades could follow if Ireland was unable to stabilize its debt situation. For more see [ID:nLDE6BG0EG].

The euro hit a low around $1.3220, with key support seen around $1.3105, its 200-day moving average. A break below could see the currency retest the $1.30 level and slide toward its December low of $1.2970, traders said.

"Overall the outlook for the euro doesn't look very positive. Going into the year-end, we continue to favor euro/dollar breaking lower," said Mary Nicola, currency strategist at BNP Paribas in New York.

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- Posted: 2010-12-17 09:48:22

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