Currencies trades not affected by downgrading banks

Published on in Foreign Exchange News by

Currencies traded in a relatively tight range overnight despite rating agency Moody’s downgrading 28 Spanish banks, including three of the largest lenders due to sovereign debt and souring real estate loans.

Expectations ahead of this week’s Euro summit have been dampened after German Chancellor Merkel hardened her resistance to debt sharing with E.U. partners. As a result, closer fiscal ties in the near term and any quick fixes for the Euro Zone sovereign debt issues now look optimistic. Furthermore, with Cyprus now being the fifth member to seek emergency funding from Brussels and the new Greek finance minister resigning due to ill health, the Euro remains stuck in its downward trend.

Sterling is relatively unchanged against the USD and has managed to hold onto its gains against the Euro.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24470 1.24600
GBP/USD 1.55530 1.56200
GBP/CAD 1.59790 1.60250
GBP/NZD 1.97450 1.97100
GBP/AUD 1.55320 1.55300
GBP/AED 5.70950 5.73600
EUR/USD 1.24930 1.25190
GBP/CHF 1.49480 1.49740
GBP/ZAR 13.1387 13.1891
GBP/SEK 10.9435 11.0000
GBP/JPY 125.193 124.100
GBP/PLN 5.29260 5.30500
USD/PLN 3.39440 3.39400
EUR/PLN 4.25630 4.25250
EUR/CHF 1.20090 1.20100
GBP/MAD 13.7505 13.7593
PLN/EUR 0.23490 0.23510
GBP/CZK 32.0505 32.2000
GBP/DKK 9.24430 9.26790
GBP/HKD 12.1002 12.1200
GBP/HUF 357.697 357.250
GBP/NOK 9.30930 9.35850
GBP/INR 89.1109 88.9600
GBP/THB 49.5374 49.6400

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