EUR: Spain leads the way – ING

While Germany continues its soul-searching on the future path for growth and France remains mired in budget uncertainty, Spain is doing very well, ING's FX analyst Chris Turner notes.

EUR/USD looks to have put in a short-term low near 1.1650

"Spain's sovereign debt received a one-notch upgrade to A from A- from Fitch on Friday evening. The ratings agency cited better growth prospects for the country as it revised those growth forecasts higher. Spain's news serves as a reminder of the north-south divide in the eurozone and why government bonds in the eurozone area have remained resilient in the face of the news out of France."

"EUR/USD looks to have put in a short-term low near 1.1650, but will require some softer US jobs data to break back above the 1.1790/1800 area this week."