Just when you thought it was safe to short CHF, another Portuguese downgrade…
EUR/USD has dipped back below 1.31000 and EUR/CHF us at 1.2585.
The downgrade reflects the much more difficult funding environment for the government and banks…
The 2011 budget target is extremely challenging, Fitch says, and they say they expect a recession next year. They do not assume Portugal will seek EU/IMF funding…
