EUR/USD steady after Germany's downgrade by Egan Jones (Córdoba) - The euro remain steady just below the 1.2500 mark after the rating agency Egan Jones downgraded Germany sovereign debt by one notch to A+ from AA- with negative outlook.

EUR/USD is currently quoting at the 1.2495/1.2500 zone, just a few pips below its pre-downgrade levels and virtually unchanged since opening. The pair managed to recover from a 2-week low of 1.2441 scored at the beginning of the NY session underpinned by rumors about Merkel and a rise in stocks.

It remains to be seen whether the 3 big rating agencies (Standard & Poor's, Moody's and Fitch) will follow Egan Jones, which has been more aggressive in downgrading euro zone members.