Credit Rating in Spain could cause euro to crash

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges :

Rates EUR/USD 1.4345-1.4441

Rates GBP/EUR 1.1377-1.1450

Rates GBP/USD 1.6394-1.6454

Credit rating agency Moody’s threaten to slash Spain’s credit rating which has caused Spain’s Prime Minister to call for early elections in order to respond to this currency crisis. The crisis in the Spain region is of far more concern over the long term than the US debt ceiling issues and out today we have a wide variety of Purchasing Manager surveys that should paint an interesting picture of business sentiment across bailouts in Europe. If Spain lose their current credit rating it will cause the euro drop significantly where currency analysis’s expect a higher impact than Greece

Sterling gained against the dollar after President Barack Obama late on Sunday announced a last-minute deal to raise the U.S. borrowing limit and urged lawmakers to approve the proposed agreement prompting investors to renew their “risk appetite “.

 

However the pound gave back its gains on worse than expected Manufacturing PMI , before rallying  back to same levels it traded before the data was announced. Expect the markets to remain nervous until the debt ceiling agreement has been passed by both houses.

 

EUR/USD Currently 1.4423, Support 1.4350 ,resistance 1.4600

GBP/USD Currently 1.6404 , Support 1.6300 , resistance 1.6500

GBP/EUR Currently 1.1373 ,Support 1.1300 , resistance 1.1475

 

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