Decision on Spain’s sovereign rating postponed

Published on in Foreign Exchange News by

Trading ranges have been the theme over the last week and look set to continue in the coming days.

The Euro managed a rally in late trading yesterday as EUR crosses received a push higher on growing speculation that Spain is closer to a bailout. Further adding to speculation is the decision by ratings agency Moody’s to postpone their decision on Spain’s sovereign rating until the end of October as they continue to review the country after the budget cuts announced last week. Spain’s PM Rajoy disappointed those expectations overnight, however, following press conference comments that he has no plans to request a bailout imminently.

Meanwhile, stock markets are a tad weaker and thus the USD has firmed overnight. This in turn has seen Sterling trading softer against the USD as well as the Euro after weaker UK PMI data for the service sector was reported this morning.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.25170 1.24650
GBP/USD 1.61640 1.61240
GBP/CAD 1.58670 1.59000
GBP/NZD 1.94580 1.96110
GBP/AUD 1.55720 1.57700
GBP/AED 5.93590 5.91700
EUR/USD 1.29200 1.29330
GBP/CHF 1.51510 1.51160
GBP/ZAR 13.4437 13.4899
GBP/SEK 10.6139 10.6578
GBP/JPY 125.792 126.180
GBP/PLN 5.14310 5.12500
GBP/SGD 1.98260 1.98410
EUR/PLN 4.10570 4.10310
EUR/CHF 1.20950 1.21020
GBP/MAD 13.8920 13.8739
PLN/EUR 0.24360 0.24370
GBP/CZK 31.4168 31.3015
GBP/DKK 9.33910 9.31230
GBP/HKD 12.5078 12.5239
GBP/HUF 357.171 356.683
GBP/NOK 9.24210 9.20930
GBP/INR 84.5384 84.6203
GBP/THB 49.6655 49.5004

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