Moody’s cut the European Union’s ‘AAA’ member states rating

Published on in Foreign Exchange News by

It was a very interesting day across the markets yesterday.

The Euro is weaker against a basket of currencies ahead of the ECB meeting tomorrow after credit rating agency Moody’s cut the European Union’s ‘AAA’ member states rating to ‘negative outlook’; reflecting the risks to UK, Germany, France and the Netherlands. There are still strong expectations that the ECB will action a bond purchase programme in the next 24 hours which may help bolster the Euro a little but for now it is suffering.

As a result the USD is generally stronger against a broad range of currencies and thus in turn stock markets are also weaker.
Sterling, however, rallied against a basket of currencies other than the USD after the early release of the Service Sector PMI yesterday. The PMI services index from Markit/CIPS rose to 53.7 in August, up from 51 in July. Any number above 50 indicates growth

Main Currency Pairs * Yesterday Today
GBP/EUR 1.26030 1.26620
GBP/USD 1.58880 1.58620
GBP/CAD 1.56540 1.56790
GBP/NZD 1.99370 2.00000
GBP/AUD 1.55180 1.54870
GBP/AED 5.83960 5.82790
EUR/USD 1.26030 1.25250
GBP/CHF 1.51770 1.51620
GBP/ZAR 13.3792 13.3051
GBP/SEK 10.6371 10.6142
GBP/JPY 124.406 124.454
GBP/PLN 5.29990 5.29900
GBP/SGD 1.98210 1.97920
EUR/PLN 4.19330 4.19730
EUR/CHF 1.20080 1.20100
GBP/MAD 13.9495 13.9339
PLN/EUR 0.23850 0.23820
GBP/CZK 31.4636 31.4102
GBP/DKK 9.41760 9.40660
GBP/HKD 12.3210 12.3176
GBP/HUF 360.086 359.487
GBP/NOK 9.22840 9.20210
GBP/INR 88.2154 88.3929
GBP/THB 49.6082 49.5468

As a result the USD is generally stronger against a broad range of currencies and thus in turn stock markets are also weaker.
Sterling, however, rallied against a basket of currencies other than the USD after the early release of the Service Sector PMI yesterday. The PMI services index from Markit/CIPS rose to 53.7 in August, up from 51 in July. Any number above 50 indicates growth.

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