Stress test of Spanish banks show banks need 60 billion euros

Published on in Foreign Exchange News by
Friday, which was the last trading day of the month, proved to be a bad day for USD bears. Whilst all eyes focused on Spain, the US GDP and PMI came in much weaker than expected and as a result stocks fell and the USD strengthened.

There are still concerns over the Euro however as the market is braced for a possible downgrade of Spain’s credit rating by Moody’s today; reducing the country to junk status. The stress test of Spanish banks by an independent agency kept the sceptics in check showing that an assistance of EUR 60 billion (far below the pot of EUR100bn) is required. However a downgrade today could have severe implications as many investors by rule are unable to hold non-investment grade debt.

The USD has this morning held onto its gains after data from China showed that export orders declined at the fastest pace in 3 ½ years. For the time being €/$ 1.2700-1.3000 looks set to be the range. Sterling is also lower versus the USD as the range looks set to be $ 1.6000-1.6300 with corporate selling interest last week above $ 1.6250 having capped the Pound. Against the Euro the Pound is unchanged from Fridays opening levels despite being sold during the course of the day. Medium term, traders prefer to sell any USD rallies

Main Currency Pairs * Friday Today
GBP/EUR 1.25210 1.25310
GBP/USD 1.62230 1.61540
GBP/CAD 1.58720 1.58580
GBP/NZD 1.94510 1.94240
GBP/AUD 1.55100 1.55540
GBP/AED 5.95670 5.93090
EUR/USD 1.29520 1.28950
GBP/CHF 1.52210 1.51610
GBP/ZAR 13.2887 13.4233
GBP/SEK 10.6437 10.5881
GBP/JPY 125.935 125.769
GBP/PLN 5.21930 5.14230
GBP/SGD 1.99170 1.98580
EUR/PLN 4.14360 4.10380
EUR/CHF 1.20840 1.20990
GBP/MAD 13.9842 13.9116
PLN/EUR 0.24130 0.24370
GBP/CZK 31.3125 31.5030
GBP/DKK 9.39160 9.34210
GBP/HKD 12.5735 12.5629
GBP/HUF 358.887 356.983
GBP/NOK 9.29590 9.23440
GBP/INR 86.0675 85.6438
GBP/THB 50.2217 49.8853

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