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Investors were also nervously<a href="http://www.monclersalestore.com">Moncler Store</a> watching to see how German financial markets will react after Moody's cut the ratings of 12 German public-sector banks, believing they are likely to receive less federal government support if needed.
The euro stood at $1.3441<a href="http://www.monclersalestore.com/12-moncler-coats-women">Moncler Coats Women</a>, versus $1.3492 late in New York, and was not far off Wednesday's trough around $1.3430 -- a low not seen since October 10. Support is seen at $1.3399, a level representing the 76.4 percent retracement of the October rally, ahead of $1.3375, the 78.6 percent retracement.
Souring the mood further, Fitch warned it may downgrade its "stable" outlook for U.S. banks, because of contagion from problems in troubled European markets.
"While U.S. banks have been under scrutiny for some time over their exposure to Europe, an explicit warning from the ratings agency amplified market concerns over the extent and impact of contagion," said analysts at BNP Paribas.
French borrowing costs continued to rise on Wednesday and ECB buying of Italian and Spanish debt failed to reassure markets. There were also growing signs of strain in money markets<a href="http://www.monclersalestore.com/8-moncler-hoodies-women">Moncler Hoodies Women</a>, with banks finding it harder to obtain dollar funding.
However,remained resolutely opposed to letting the central bank take a bigger role in resolving the debt crisis, even though many analysts believe the only way to stem the contagion is for the ECB to carry out the sort of quantitative easing undertaken by the U.S. and British central banks.
