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EUR/USD steady above 1.1700 despite France downgrade – BBH

EUR/USD is range-bound above 1.1700, BBH FX analysts report.

Fitch cuts France to ‘A+’, outlook stable

"France’s fiscal troubles are unlikely to knock EUR/USD off its upward path. Fitch Ratings downgraded France’s sovereign credit rating on Friday by one notch from 'AA-' to 'A+' with a stable outlook. According to Fitch, the downgrade was due to 'growing political division and polarization' increasing the likelihood of further delays to fiscal consolidation."

"Fortunately, France’s fiscal woes remain country-specific and not spreading to the rest of the Eurozone. French bond yield spreads vs. German bunds are widening but Italian, Spanish, and Portuguese bond spreads vs. Germany show no signs of stress."

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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