Moody’s downgrade 26 Italian banks

Published on in Foreign Exchange News by

Another day of jangling nerves lies ahead in the Euro Zone.

Yesterday saw ratings agency Moody’s downgrade 26 Italian banks while Euro officials urged Spain to speed up banking reforms. Speculation over Greece’s exit from the Euro continues despite officials at the Euro group meeting reiterating that there can be no substantial change to the Greek program and that talk of a Greek exit from the EMU was “nonsense” and “propaganda”. To top it all off after being officially sworn in the newly elected French President Hollande immediately flies to meet German Chancellor Merkel.

All in all there is no good news for the Euro, however speculative positions are heavily weighted ‘short’ of the Euro so markets may take ‘a breather’ today.

Sterling and the USD have held onto their gains, although some profit taking has been seen ahead of a busy day for economic data.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24490 1.25069
GBP/USD 1.61140 1.60690
GBP/CAD 1.61800 1.60970
GBP/NZD 2.05100 2.07100
GBP/AUD 1.60300 1.60800
GBP/AED 5.91540 5.89720
EUR/USD 1.29440 1.28460
GBP/CHF 1.49530 1.50120
GBP/ZAR 13.0444 13.1776
GBP/SEK 11.1839 11.2525
GBP/JPY 128.819 128.300
GBP/PLN 5.28250 5.37750
USD/PLN 3.27830 3.34450
EUR/PLN 4.24340 4.30200
EUR/CHF 1.20120 1.20100
GBP/MAD 13.8282 13.8686
PLN/EUR 0.23570 0.23250
GBP/CZK 31.4366 31.7438
GBP/DKK 9.25360 9.29160
GBP/HKD 12.5116 12.4862
GBP/HUF 360.886 364.712
GBP/NOK 9.43790 9.48940
GBP/INR 86.4247 86.7688
GBP/THB 50.2253 50.3912

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