Downgrading of 16 Spanish Banks is killing the US Dollar

Published on in Foreign Exchange News by

Concerns about the future of the Euro zone and the downgrading of 16 Spanish Banks by ratings agency Moody’s on Thursday increased the demand for the safe haven Dollar which hit a 2 month low on Friday.

The pound also fell against the Euro as eyes focused on this week’s minutes of the last MPC meeting. This came after policymaker Adam Posen said on Friday that he may have been premature in dropping his call for further quantitative easing last month, because the underlying economy may be weaker than he thought earlier this year. This resulted in market investors taking advantage of current GBP/EUR levels, forcing the pound lower on the day.

Over the weekend, in its statement, the G8 countries reiterated its support for Greece remaining in the Euro zone while markets will keenly watch any opinions polls for next month’s elections.

As well as this month’s BOE’s minutes there is important data due this week including the CPI inflation report on Tuesday and Wednesday’s retail sales data.

Main Currency Pairs * Friday Today
GBP/EUR 1.24480 1.23800
GBP/USD 1.57870 1.58110
GBP/CAD 1.60760 1.61177
GBP/NZD 2.08490 2.08170
GBP/AUD 1.60400 1.60500
GBP/AED 5.82920 5.80300
EUR/USD 1.26760 1.27710
GBP/CHF 1.49990 1.49370
GBP/ZAR 13.2505 13.0931
GBP/SEK 11.4081 11.3151
GBP/JPY 127.085 125.528
GBP/PLN 5.43010 5.39170
USD/PLN 3.42880 3.40850
EUR/PLN 4.34840 4.33600
EUR/CHF 1.20110 1.20120
GBP/MAD 13.8214 13.7907
PLN/EUR 0.23000 0.23060
GBP/CZK 31.8619 31.5009
GBP/DKK 9.28170 9.24260
GBP/HKD 12.3028 12.2833
GBP/HUF 371.941 369.622
GBP/NOK 9.46580 9.44730
GBP/INR 86.2862 86.1577
GBP/THB 49.7428 49.5586

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