Spanish bond yields rose as shares in Bankia plunge

Published on in Foreign Exchange News by

Spain, Greece and the problems in the Euro Zone continue to dominate the headlines this morning.

Spanish bond yields rose as shares in the partially nationalised Bankia plunged. While the pound hit a 6 week low against the dollar in Thursday trading due to growing concerns over the fragility of the Spanish Banking sector.

Demand for the ‘safe haven’ dollar has continued in Asian and early London trading after rating agency Moody’s downgraded 16 Spanish Banks and a report from Bloomberg suggesting the loss from JP Morgan’s derivative hedging could widen to $5Bln.

After The BOE inflation report warned of risks to the UK economy from the Euro Zone crisis, downgrading medium term inflation forecasts and potentially justifying further quantitative easing, Sterling has retreated from 3 ½ year highs hit earlier in the week against the Euro. The single currency has been further supported this morning as latest opinion polls in Greece report growing support for the Neo Dimokratia; a party which would uphold the austerity measures agreed by the EU and IMF.

G8 summit commencing in U.S. this afternoon but no major economic data due today.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24970 1.24480
GBP/USD 1.58840 1.57870
GBP/CAD 1.60820 1.60760
GBP/NZD 2.07710 2.08490
GBP/AUD 1.59950 1.60400
GBP/AED 5.85100 5.82920
EUR/USD 1.27050 1.26760
GBP/CHF 1.50280 1.49990
GBP/ZAR 13.2450 13.2505
GBP/SEK 11.3819 11.4081
GBP/JPY 128.283 127.085
GBP/PLN 5.44260 5.43010
USD/PLN 3.41500 3.42880
EUR/PLN 4.35000 4.34840
EUR/CHF 1.20110 1.20110
GBP/MAD 13.8590 13.8214
PLN/EUR 0.22990 0.23000
GBP/CZK 31.8549 31.8619
GBP/DKK 9.30010 9.28170
GBP/HKD 12.3815 12.3028
GBP/HUF 368.245 371.941
GBP/NOK 9.53520 9.46580
GBP/INR 86.8514 86.2862
GBP/THB 50.1070 49.7428

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