Spainish foreign exchange bonds

Published on in Foreign Exchange News by

Spanish 10 year bond yields rose to a record 7.5% yesterday as a sovereign bail-out for Spain is becoming increasingly likely.

As Spain’s borrowing cost soar to ‘unsustainable’ levels credit ratings agency Moody’s have placed Germany, the Netherlands and Luxembourg on negative watch for a potential downgrade due to the inability to absorb potential costs associated with support to member states. So as the Euro’s woes continue it is expected that any rallies for the currency will be limited.

The Pound was left playing ‘catch up’ when it ran into natural selling interest after failing to break the $ 1.5700 level last week. As a result Sterling traded back towards € 1.2765 area where it found technical support against the ailing Euro.

With some signs of a short term economic recovery in China after its recent slowdown, currencies such as the CAD$, the NZ$ and the AUD in particular are becoming more attractive to hold moving forward.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.28260 1.28090
GBP/USD 1.55300 1.54970
GBP/CAD 1.57870 1.57910
GBP/NZD 1.96250 1.95820
GBP/AUD 1.51030 1.50630
GBP/AED 5.70260 5.71190
EUR/USD 1.21120 1.20980
GBP/CHF 1.53960 1.54010
GBP/ZAR 13.0245 13.1385
GBP/SEK 10.8614 10.8371
GBP/JPY 123.158 121.467
GBP/PLN 5.34800 5.38190
GBP/SGD 1.96980 1.95740
EUR/PLN 4.16260 4.19680
EUR/CHF 1.20090 1.20100
GBP/MAD 14.1019 14.0589
PLN/EUR 0.23920 0.23830
GBP/CZK 32.8515 32.8020
GBP/DKK 9.55790 9.54040
GBP/HKD 12.1583 12.0414
GBP/HUF 367.405 369.762
GBP/NOK 9.53680 9.46520
GBP/INR 86.7643 86.8889
GBP/THB 49.6872 49.3332

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