Despite Moody’s downgrade, they are still higher on Greece

Moody’s was the latest ratings agency to cut Greece’s credit rating but their rating still stands two notches above the ratings issued by Fitch and S&P. If they are cut two notches further by Moody’s, Greek debt will no longer be eligible for use as collateral at the ECB.

EUR/USD is consolidating around 1.4310 in choppy trade.