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Spain retain investment grade credit rating, speculation still mounts

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Pound Sterling

The Pound has fallen for a second day against the Euro ahead of the release of the latest BoE minutes. Sterling then dropped to a four-month low against the single currency after the credit ratings agency Moody’s maintained Spain’s sovereign credit rating at the investment grade. The Pound has depreciated 0.3% to 81.25pence per Euro after reaching 81.38pence the weakest level since June 15th.

Against the Dollar the Pound stayed firm, remaining above last week’s one-month low as risk sentiment continued to be improved.

US Dollar

The ‘Greenback’ has weakened against the majority of its rival currencies as risk appetite continues to improve. Against the Yen the Dollar failed to breach the psychologically important barrier of 79.00 as demand for safe-havens began to lessen. Economists are predicting that the US Dollar may be able to recoup some of its losses against the Euro if the latest economic data proves higher than expected.

The Euro

The Euro has strengthened to a one-month high against the Dollar as speculation continues to mount over whether Spain will bite the bullet and make a formal request for a sovereign bailout. Moody’s decision to keep Spain’s credit rating at investment grade and the expectations that Europe’s leaders will make decisive action at tomorrow’s summit in Brussels saw the Euro rise against 14 of its 16 major peers, including the British Pound.

Australian Dollar

The ‘Aussie’ has climbed to its highest level for two-weeks against its US relation as confidence over the Eurozone situation improved. The Aussie Dollar rose as far as $1.0324, a high not seen since Oct 2nd before relinquishing some ground to around the $1.0307 region.

New Zealand Dollar

The ‘Kiwi’ has followed its Australian cousin upwards after Moody’s decision over Spain’s investment grade caused risk sentiment to rise. Rumours that Greece had reached an agreement with its lenders, the International Monetary Fund, European Commission and European Central Bank fuelled optimism that Europe may contain its regional debt woes. New Zealand also received a boost from an increase in dairy prices.

Canadian Dollar

The ‘Loonie’ has weakened to a three-month low against the US Dollar after the Bank of Canada’s Governor Mark Carney suggested that he may reduce his economic outlook and postpone any rises to the nation’s interest rates. Following Carney’s comments the ‘Loonie’ slumped against all of its most-traded peers. The currency’s losses were limited however due to the rise in the price of the country’s biggest export crude oil.

South African Rand

The Rand has firmed to its strongest level in three days against the US Dollar after demand for riskier assets improved. Any gains are likely to be limited as investors continue to worry about the nation’s current bout of domestic labour unrest that has plagued South Africa’s economy since August. The Retail sales data for August is due later today and economists expect a slight improvement to 4.6 percent growth for the month, compared with the 4.2 percent recorded in July.

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