France Avoids Downgrade, but EUR/GBP and EUR/CHF Face Fresh Downside Tests

Moody’s kept France’s Aa3 rating with a negative outlook, and French bonds rallied Monday—yet Euro saw little relief, with EUR/GBP and EUR/CHF still trading near key support. The narrowing OAT-Bund spread hasn’t translated into a Euro rebound, suggesting markets still see France’s fiscal risk as unresolved rather than cleared.

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