The Euro - the market speaks
THE EURO’s losses after France’s rejection of the EU constitution gathered pace yesterday as the French vote fuelled concerns that future economic reforms in the eurozone will be hampered. ..
The selling pressure on the euro came as Moody's, the credit rating agency, warned of the long-term consequences of the French vote for the eurozone economy.
Although Moody's concluded that "European unity is unlikely to be derailed as a result", and saw few direct implications for the credit status of eurozone member states, it said there would be damaging fallout nonetheless. "The dynamics of integration and enlargement will be hampered and the functioning of European institutions will become increasingly ineffective," it said.
That feels a bit optimistic to me...