January 16th, 2012 
admin After Standard & Poor’s mass downgrade of euro zone countries late last week, the euro eased in early Asian trade on Monday and looked set to stay under pressure.
The euro stood at $1.2637 and also lost ground against the Australian dollar and was hovering just above an all-time low at A$1.2250. Markets are worried that bailout fund of the eurozone might lose its AAA rating with S&P as well.
“EURUSD has traded south ever since S&P’s December 5 negative ratings watch announcement, and we suspect will remain subject to further downward pressure in the coming week,” analysts at BNP Paribas said.
“This may have less to do with the fact that the EFSF is now threatened with the loss of its AAA status … than worries over the fate of the Greek bond swap talks.”
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