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UK credit rating now cut by Fitch Ratings

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Currency update from Sendmoneyhome.co.uk

Pound Sterling

The Pound has weakened for a second day against the Euro and is coming close to reaching a new one-month low after Fitch Ratings cut the UK’s credit ranking. Against the US Dollar it fell to a two-week low. The nation’s credit rating was reduced to AA+ from AAA after the agency cited a weak economic and fiscal outlook for its reason. Fitch is the second company to cut the UK’s rating within the space of two-months.

US Dollar

The ‘Greenback’ strengthened against the Pound due to the UK economy having its credit rating cut by a second ratings agency. Against the Euro the Dollar strengthened over ongoing concerns over the Eurozone economy. Against the commodity based currencies the ‘Greenback’ has weakened as global risk appetite returned to the markets.

The Euro

The Euro is trading down against the US Dollar as investors await the release of the Eurozone’s latest consumer confidence data. A big decline will send the single currency weaker as concerns over the continuingly bad performance of the region’s economy weighs down on confidence.

Australian Dollar

The ‘Aussie’ rallied against the US Dollar and strengthened against a number of its peers as gold recovered from its biggest drop in thirty years. Demand for riskier assets improved as a result and the rise in commodity prices benefitted the Australian economy.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation upwards due to the gold rally. It also received support from data that showed that New Zealand saw more immigrants arriving into the country than those departing.

Canadian Dollar

The ‘Loonie’ edged upward against the US Dollar as demand for commodity based assets improved. The currency was also supported by Japan indicating that its printing of the Yen was unopposed by the G20, a move that sent investors looking for higher yielding currencies.

South African Rand

The Rand has weakened against the US Dollar and the majority of its peers after further bouts of labour violence in South Africa’s mining and transport sectors. A miner was stabbed near an AngloGold mine on Saturday, while local media said a man had died during a riot in Soweto, the township near to Johannesburg. A bus drivers' strike was also preventing thousands from going to work on Monday. The violence has caused investors to look elsewhere for higher yields as fears of continuing violence dampen demand.

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