world’s largest banks face downgrading

Published on in Foreign Exchange News by

Weaker economic data from the Euro Zone including Germany and the U.S. resulted in a rush to buy USD’s as global stocks markets traded aggressively lower.

The independent audit of Spain’s banks was released yesterday with the results putting the gap in their finances between €16bn and up to as much as €62bn. This is less than the €100 bn+ some analysts were calling for but with borrowing cost spiraling they are in for a bumpy ride. As a result the Euro did not rally and has again weakened during the course of this morning.

The IMF’s Christine Lagarde stated last night that the Euro Zone must find a way to bring closer fiscal integration; a measure that Germany’s Chancellor Merkel currently strongly opposes. However, she is likely to be outnumbered when she meets with the leaders of Italy, Spain and France over the weekend, with suggestions in the market that they may discuss the Euro Bond issue.

Adding to the Spanish problems are the new Greek coalition now delaying the proposed cut backs in public sector staff and rating’s agency Moody’s downgrading fifteen of the world’s largest banks including HSBC, RBS and Barclays. All in all the uncertainty in Europe continues and market sentiment remains negative for the Euro.

Sterling is lower against the stronger USD scenario, but holding back above € 1.2400. A close on the week above € 1.2450 could technically see the Pound re-test its highs despite expectations of further Q/E in the UK next month.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.23980 1.24520
GBP/USD 1.57240 1.56200
GBP/CAD 1.60440 1.60660
GBP/NZD 1.96820 1.98530
GBP/AUD 1.54610 1.55930
GBP/AED 5.77420 5.73330
EUR/USD 1.26770 1.25480
GBP/CHF 1.48960 1.48830
GBP/ZAR 12.9600 12.9276
GBP/SEK 10.9720 10.9499
GBP/JPY 125.530 125.733
GBP/PLN 5.25970 5.27130
USD/PLN 3.33700 3.35730
EUR/PLN 4.23930 4.25370
EUR/CHF 1.20090 1.20100
GBP/MAD 13.7307 13.6883
PLN/EUR 0.23590 0.23510
GBP/CZK 31.5794 31.8273
GBP/DKK 9.22260 9.21120
GBP/HKD 12.2294 12.1833
GBP/HUF 356.017 354.210
GBP/NOK 9.31270 9.28930
GBP/INR 88.5099 88.4045
GBP/THB 49.6501 49.7887

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