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Pound Sterling – UK Markets

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Sterling has moved lower against the Euro this morning, following the Chinese vow to support the Eurozone in emerging out of the sovereign debt crisis. Additionally, yesterday’s warning from Moody’s that it may cut Britain’s “AAA” rating has not helped matters.

Meanwhile, following yesterday’s in line consumer price inflation report, markets are keenly awaiting the BoE’s quarterly inflation report due today, which is likely to reveal the bank’s latest growth and price estimates, along with further hints on monetary policy. Mervyn King’s press conference, following the release, will also be closely watched.

Data just released indicates that unemployment has risen to 8.4%, which is also placing the pound under pressure. Yesterday’s housing data revealed a mixed picture, with the RICS report indicating a decline in house prices, while DCLG reported the first rise in house prices in nine months.

More on gold-plated AAA credit rating.

Although George Osborne remains defiant over his economic policy which could be affecting the fate of Britons gold-plated AAA credit rating.Moody’s has commented that it was placing the UK on a ‘negative outlook’ as it moved to downgrade the prospects of nine European countries.

Moody's has already slashed six countries and has commented that France, Austria and even Britain could all be downgraded next and see their AAA rating lost if things get worse.

The euro - zone crisis and poor economic growth could see the rating downgraded, one of the world’s largest rating agencies warned last night.

Mid–Market FX Rates
USD American Dollar ▼ 1.57
EUR European Euro ▼ 1.1926
CHF Swiss Francs ▼ 1.4398
AUD Australian Dollar ▼ 1.4583
ZAR South African Rand ▼ 12.072

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