The euro slumped against the dollar after Moody’s Investors Service said Spain’s debt rating is on review for a possible downgrade.
The shared currency weakened after Moody’s cited Spain’s “vulnerability to funding stress.” European Union leaders will meet this week amid discord about how to stem a debt crisis that’s caused Greece and Ireland to accept bailouts. The dollar rose against most major counterparts before data forecast to show growth in U.S. industrial production, backing Federal Reserve comments that the world’s largest economy is recovering.
http://www.bloomberg.com/news/2010-12-14/dollar-falls-as-federal-reserve-keeps-buying-debt-cutting-currency-demand.html
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