Moody's Downgrades Greek Debt. Euro Sell-Off Short-Lived.

That risk assets rally that we were watching yesterday morning ran into a speed bump around noon… Yes, the euro (EUR) was nearing 1.23, Aussie (AUD) was looking as though it would touch 87-cents, and so on… But then along came Moody’s… Talk about bad timing! OK… Let me set this up for you…