Markets
Euro trims gains after S&P cuts Greece ratings
NEW YORK : The euro trimmed gains against the US dollar on Monday after Standard & Poor's cut Greece 's long-term ratin
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NEW YORK: The euro trimmed gains against the US dollar on Monday after Standard & Poor's cut Greece's long-term ratings by three notches to junk territory.
The euro fell as low as $1.43570 from about $1.43680 before the news. It was last at $1.43656, still up 0.2 percent on the day.
"Greece has dug itself such a deep hole. At this point, whether its rating is BB, B, C, you name it -- it's not investment grade. The slow motion train-wreck in Europe is at least allowing people who want to get out the opportunity to do that," said Michael.
Copyright Reuters, 2011
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