Portugal Bailout for a second time required

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4349-1.4466
Rates GBP/USD 1.5997-1.6090
Rates GBP/EUR 1.1088-1.1159

Moody’s credit rating agency cut Portugal’s rating to junk status last night warning that a second bailout will be needed, as a result the Euro has traded lower. Despite the politics and bailouts, we are trading in the middle of the €/$ 1.40-1.49 range seen over the last few months, sentiment remains mixed/negative for the Euro.

This has rattled the euro which was recovering nicely against the USD following the recent Greek fears- it also emphasises that the book does not stop with Greece. The Euro has lost over a cent against the USD and has lost against all but two of 16 major currency peers.

Stronger UK service sector readings initially gave Sterling a boost yesterday, and continues to hold above the € 1.1100 pivotal level. The USD stronger across a broad range of currencies, £/$ 1.6000 also pivotal. Tomorrow is interest rate decision day for E.U. and U.K. with expectations of a 0.25% rate hike by the ECB (priced in). U.S. non-farm payroll data is due on Friday.

EUR/USD currently 1.4365. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6018. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1144. Support 1.1100, resistance 1.1350.

Oil $ 97.65 Gold $ 1517 Dow -0.1% FTSE +0.11% Nikkei +1.1%

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