EUR/USD Breached 1.3, Dollar Index Broke 80 as European Debt Crisis Weighed on Sentiments Euro weakened broadly last week on delayed reaction to the the EU summit. Successful bond auctions in Spain and Italy halted the decline after EUR/USD breached 1.3 level briefly. But the common currency remained weak on fear of sovereign rating downgrades. Towards the end of the week, Moody's lowered Belgium's credit rating by two notches from Aa1 to Aa3, with a negative outlook. Fitch lowered the outlook of France's AAA rating to negative and put Spain, Italy, Belgium, Slovenia, Ireland and Cyprus on review. S&P is yet to act despite issuing a warning before the EU summit. SNB's lack of action on rating the EUR/CHF floor sent the cross back from 1.24 to 1.22 and exerted some pressure on Euro too. Euro will likely remain pressured in thin holiday trading this week. Full Report Here... | 
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