Published by Jamie JemmesonThe debt contagion spreading throughout Europe could soon be seen in the UK, businessmen and senior economists have warned.The Telegraph reports that delegates at the Institute of Directors' annual convention in London yesterday (April 28th) expressed distinct concerns that the UK will soon be under pressure.Moody's this week downgraded Greece's debt rating to junk status, while downward revisions were also made to Spain and Portugal's ratings.Bloomberg reports that demand for Italy's bonds may also suffer as the contagion spreads."The investors will go from Greece, to Portugal, Ireland, Spain and then will move to the UK. They will move to where they perceive the weakness to be," John McKenna, a director bakery ingredients business AB Mauri.Clare Richards, managing director for React Europe, said that the group is watching events on the continent very closely.In forex trading, the euro was pushed to its lowest level against the dollar seen in more than a year,For more information on foreign exchange treasury services and risk management, visit our Corporate FX site