With Spain just downgraded from AA to AA-, is it time for this run up in EUR/USD to give way in the short term at least.
Wall Street Journal provides an overview of this event:
-- S&P drops Spain to AA-, three notches below top AAA rating, with a negative outlook
-- Cites banking sector risks, says labor market reforms needed
-- Move follows Fitch's downgrade of Spain last week; Moody's could be next
