Spain heading to JUNK ?

It was China who gave hope of easing to market by cutting 25 basis point in benchmark lending rates on Thursday which clearly signals slowing economy faster than expected but After Berananke's hopeless testimony ( for market ) where he did not emphasize on QE3, All currencies commodities, energy, stock markets shoot down.

Bernanke said he and his colleagues "are still working" on QE3 ahead of their June 19-20 meeting, he said cited significant risks to the U.S. economic recovery but stopped short of signalling Fed action to combat them, during testimony on Capitol Hill Thursday.
Mean while Today morning Fitch cuts Spain rating to BBB, so what next Europe's forth biggest economy is heading for junk?

Market is looking for below economic data today,
UK PPI 

US trade balance and wholesale inventories

Trade Calls for today from Vipul Trivedi (Century Financial Brokers L.L.C Dubai),
Sell Gbp/Usd at 5480 stop above 5525 target 5420 (already target met as trade was sent at 9:30 am )
Buy Eur/Usd at 2480 stop below 2430 target 2550
Sell at 9638 stop above 9660 target 9540
Sell Usd/Cad at 1.360 stop above 1.0400 targets 1.0310