Forex Flash: Moody’s downgrade to France a catch up but still fresh negative - Westpac (Barcelona) - EUR/USD slid towards 1.2768 from 1.28+ after the NY close, following a knee-jerk reaction on the news that Moody’s had decided to downgrade France from Aaa to Aa1. According to Westpac FX strategist Sean Callow: "While this only brings Moody’s rating into line with S&P which made the same move in January, it is still a fresh negative, especially with Moody’s maintaining a negative outlook due in part to scepticism that the government will deliver on promised reforms."