The single European currency has literally plummeted following the decision by the rating agency to degrade a notch sovereign rating of Spain, pretending to Aa2 while at the same time the Bank of Spain reported that national banks must raise more capital to strengthen or at least 15.2 billion euros. This decision has clearly given on the forefront for the coming days the supreme crisis, when approaching decisive weeks. Indeed many currency traders who believe that European capitals will not be able to agree before the end of March, just before crucial deadlines for Portugal or even Greece. The decline of the euro against the dollar was more than 100 pips, while against the yen, the decline was more moderate, around 60 pips.
According to many experts, the euro could fall as low as 1.3538 dollars in the coming days or weeks.
The commodity currencies have been Gray yesterday because of Beijing's announcement of an unexpected trade deficit. Indeed, the deficit reached 7.3 billion dollars, the highest level in nearly seven years, raising many concerns about the economic health of China. Following this information, including the Australian dollar has fallen to its lowest level since Feb. 23. The New Zealand dollar also reached a low but mainly because of lower interest rates by the central bank following the two earthquakes that devastated New Zealand.
The pound sterling was down today after the BoE's status quo, status quo that was widely expected by investors. Remains to know the distribution of votes within the Monetary Policy Committee. Following this announcement, the currency has weakened to Her Majesty about 0.9%.
According to many experts, the euro could fall as low as 1.3538 dollars in the coming days or weeks.
The commodity currencies have been Gray yesterday because of Beijing's announcement of an unexpected trade deficit. Indeed, the deficit reached 7.3 billion dollars, the highest level in nearly seven years, raising many concerns about the economic health of China. Following this information, including the Australian dollar has fallen to its lowest level since Feb. 23. The New Zealand dollar also reached a low but mainly because of lower interest rates by the central bank following the two earthquakes that devastated New Zealand.
The pound sterling was down today after the BoE's status quo, status quo that was widely expected by investors. Remains to know the distribution of votes within the Monetary Policy Committee. Following this announcement, the currency has weakened to Her Majesty about 0.9%.
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