A credit service slashed the ratings of five regions of debt-hobbled Spain, pulling down the value of the common currency of the European Union against the Japanese yen, according to Bloomberg.
In the aftermath of the Moody's Rating Service reduction, the euro fell from its top value in five months against the monetary unit of the Pacific Rim nation. Also dragging down the embattled monetary unit was French industry confidence falling to its lowest in more than 36 months.
"With all the troubles in Europe, it seems to be hard to buy the euro," director Derek Mumford with currency risk-management company Rochford Capital of Sydney told the news source. "The euro is defying gravity. The promise from the European Central Bank to support sovereign debt has had effect, and has been buying some time. The overall picture is getting worse."
The euro has lost value against the U.S. dollar in three of its four most recent trading sessions.
The 17-nation monetary unit fell to its week-low value against the world's reserve currency as equities fell on Spanish government bonds, according to Reuters.
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