Spain’s credit rating slashed due to poor banking system

Published on in Foreign Exchange News by

Bad news is the order of the day across the Euro Zone as the recent Euro rally proved short lived.

Fed Chairman Bernanke reiterated in his testimonial that they were ready to shield the economy but offered little as far as imminent further stimulus (Q/E 3) was concerned. He also noted of the continued threats posed by the Euro Zone to the global economy. Meanwhile, Spain’s credit rating was slashed by Fitch, which is likely to add to the cost of the re-capitalization of their banking system. All in all not good news for the Euro ahead of this month’s Greek election.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.23140 1.23750
GBP/USD 1.54660 1.54160
GBP/CAD 1.59020 1.59400
GBP/NZD 2.00800 2.02000
GBP/AUD 1.55500 1.56800
GBP/AED 5.68170 5.65000
EUR/USD 1.25470 1.24500
GBP/CHF 1.48000 1.48600
GBP/ZAR 12.8691 13.0900
GBP/SEK 11.0925 11.1100
GBP/JPY 122.720 122.070
GBP/PLN 5.31070 5.33000
USD/PLN 3.43390 3.45800
EUR/PLN 4.30890 4.30500
EUR/CHF 1.20080 1.20100
GBP/MAD 13.5050 13.6200
PLN/EUR 0.24750 0.22980
GBP/CZK 31.3390 31.6500
GBP/DKK 9.15500 9.19000
GBP/HKD 12.0000 11.9580
GBP/HUF 366.700 368.600
GBP/NOK 9.37700 9.39300
GBP/INR 85.1400 85.7100
GBP/THB 48.7170 48.9300

Sterling traded a little weaker against the stronger USD after rates and Q/E policy remained unchanged, but held onto gains against the Euro from yesterday’s lows below € 1.2300. For further technical gains we need to hold above € 1.2400. All in all the Pound is higher against a basket of currencies (except the USD) after the stronger service sector PMI data release yesterday.

Stock markets also fell in the Far East despite China cutting rates for the first time since 2008. There is a general fear in the market that a batch of economic data due to be released on Sunday may be very weak, with the slowdown in Europe also taking its toll.

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