Tim Lewis is a Corporate Dealer at Currencies Direct UK, lends us his expertise on a daily basis. Foreign Exchange (FX) Market analysis is a daily market ov...
Tim Lewis is a Corporate Dealer at Currencies Direct UK, lends us his expertise on a daily basis. Foreign Exchange (FX) Market analysis is a daily market overview and commentary UK Inflation At 4.5% YoY Things took a turn for the worse in Europe overnight with Standard & Poor's cutting the Greek sovereign rating by 3 notches to CCC, just 2 away from default, while maintaining a negative outlook. This downgrade establishes Greece at the lowest level of any rated country with the agency citing efforts being made by Athens to bridge its funding gap as likely to culminate in 'one or more defaults' as the reason for the move. Once again, the differences of opinion between the ECB and the German Ministry of Finance over the repercussions of involving the private sector in the 're-financing' of maturing Greek debt leaves the market extremely nervous. Yields on peripheral Eurozone bonds have been dragged higher again by the increased cost of Greek borrowing. These market reactions have provoked immediate comment from EU officials with Oli Rehn claiming that he is 'confident that the Greece solution will be achieved by the end of June' while the ECB's Noyer says that 'we must absolutely avoid anything that leads to declaration of default in Greece'. All very negative for the Eurozone and yet the Euro itself retains its poise and in fact has gained strength versus both the Dollar and Yen overnight. A lot of this is due to the strong economic data that emerged from China this ...
Hiç yorum yok:
Yorum Gönder