Spain’s credit rating cut for the second time this year

Published on in Foreign Exchange News by

Foreign Exchange Rate Ranges EUR/USD 1.3156-1.3212

Foreign Exchange Rate Ranges GBP/USD 1.6152-1.6190

Foreign Exchange Rate Ranges GBP/EUR 1.2249-1.2292

Asian and European stocks opened lower today as Standard & Poors cut Spain’s sovereign credit rating for the second time this year on concerns that they may need to provide further fiscal support to Spanish banks.

The war of words heat up in France as socialist front runner in the presidential race Francoise Hollande stated `it’s not for Germany to decide for the rest of Europe’. As a result the Euro has weakened today against a basket of currencies.

Sterling’s gains continue, now trading at 20 month highs versus the Euro, discounting the weaker Q1 GDP reading this week.

Foreign Exchange Rate EUR/USD currently 1.3185. Support 1.3000, resistance 1.3300.

Foreign Exchange Rate GBP/USD currently 1.6184. Support 1.6000, resistance 1.6300.

Foreign Exchange Rate GBP/EUR currently 1.2274. Support 1.2100, resistance 1.2400

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