S&P Cuts Outlook for Italy, Euro Falls
The European currency lost more ground after S&P cut its credit outlook for Italy to negative. S&P move is another blow to the debt-ridden Eurozone countries, after Fitch downgraded its rating on Greece to B+ on Friday. The euro was having a rough ride on Monday, but its shares slid even further following the S&P announcement. At the moment, the euro is trading at 1.4040 against the U.S. dollar, or 0.869% below last week's close.
Traders who believe problems in Greece, Italy and Portugal will continue to take its toll on the euro will be interested in the Market Vectors Double Short Euro (NYSE: DRR).
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