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Currency Exchange Weekly report- 20th to 27th jan 2012: Fitch downgrades Spain & Italy

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Fitch Ratings downgraded the debt of Italy, Spain, Belgium, Cyprus and Slovenia that use the euro on Friday, a possible setback as European leaders work to contain the continent’s debt crisis. Italy was lowered to a rating of A-, while Spain was downgraded to A. Fitch placed a negative outlook on all of them meaning there is more than a 50 % chance of a further downgrade over the next two years.

Voters in Croatia backed a referendum to join the European Union by a two-to-one majority.

The euro had a strong week against the dollar and sterling due to optimism in markets, but the Greek problem remains on the table and probably also Ireland and Spain which released a GDP of -0.3% for Q3 2011.

Have a nice week-end

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