Euro Down for Second Day as Sentiment Deteriorates

The euro today extended its drop for the second day after Moody’s Investor Service warned that France’s credit rating is in danger and Germany’s economic sentiment deteriorated.
Moody’s explained that the negative consequences of the Europe’s debt crisis and the global economic slowdown may hurt France’s economy and, as a result, lead to a downgrade of the nation’s debt rating. The ZEW Indicator of Economic Sentiment for Germany dropped to -48.3 in October from -43.3 in the previous month. The level of confidence was the lowest since November 2008.
EUR/USD fell from 1.3737 to 1.3700 and EUR/JPY dropped from 105.54 to 105.21 as of 12:40 GMT today.

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