European Session – Euro rallies ahead of EU Summit
Posted on October 17, 2012 at 12:27 pm GMTEuro advanced to hit a one-month high against the dollar in a risk-on European session as optimism of Spain requesting financial aid is spurring risk appetite. Meanwhile, Moody’s ratings agency announced that it has kept Spain’s credit rating unchanged at the current investment grade level and has refrained from downgrading to junk status. Moody’s decision reflects the better funding conditions for Spain based on the fact that the ECB has shown willingness to purchase Spanish bonds in the secondary markets [..]