France planning new European wide stability package

Published on in Foreign Exchange News by

Credit ratings agency Moody’s cut Spain’s debt rating by three notches last night continuing the negative outlook and leaving the country just one notch above junk status.

Meanwhile, the FT reported that France is putting together a plan for a European wide stability package, which could see the ECB given bank supervisory responsibilities and the ESM used for direct bank recapitalisations. German officials, however, continue to add caution against increased expectations of new EU measures.

Given all this, stock markets remain calm, and the Euro is reluctant to trade lower ahead of the weekends Greek election after trading above $ 1.2600. Today, the market awaits the results of a 10 year Italian bond auction at 10.00am.

Sterling trades lower against a basket of currencies lead by speculative stop losses on risk positions predominately versus the Euro upon trading back through the € 1.2400 level).

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24330 1.23470
GBP/USD 1.55700 1.54950
GBP/CAD 1.59780 1.59490
GBP/NZD 1.99930 1.99560
GBP/AUD 1.56280 1.56060
GBP/AED 5.70180 5.73830
EUR/USD 1.25250 1.25510
GBP/CHF 1.49430 1.48940
GBP/ZAR 13.0975 13.0593
GBP/SEK 11.0269 10.9537
GBP/JPY 123.655 123.775
GBP/PLN 5.38450 5.36280
USD/PLN 3.46490 3.44980
EUR/PLN 4.32830 4.32400
EUR/CHF 1.20120 1.20090
GBP/MAD 13.7385 13.7014
PLN/EUR 0.23100 0.23130
GBP/CZK 31.9487 31.7227
GBP/DKK 9.24600 9.21720
GBP/HKD 12.0573 12.0602
GBP/HUF 369.372 367.642
GBP/NOK 9.38790 9.31600
GBP/INR 86.7226 86.4306
GBP/THB 49.2156 49.0760

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