Into the turn of the trading day Irelands long-term sovereign debt was downgraded from AA to AA-; with the debt issues in Europe continuing to serve as a warning for the Euro bulls out there. Risk immediately sold off but the EUR/USD pair didn't make new lows, finding bids ahead of the 1.26 handle, in what was a thin market after a volatile day. The pair is currently hovering around the 50% retracement from the move off the June lows below the 1.19 level. The risk profile in markets continues to deteriorate, hurting the Euro, as is the fundamental weakness in the region, as it continues to suffer from the ECB's uniform policies for what is a wide spectrum of economies and future prospects.
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