Monday, March 7, 2011

ECB Outlook Dominates Forex Market

Marc Chandler submits:

It appears the foreign exchange market is being driven by one overriding consideration and that is that the ECB is going to raise rates as early as next month. The debt crisis on the periphery has been ignored. Fitch cut the outlook for Spain before the weekend, noting that the financial sector may need another 38 bln euros and the euro bulls where unfazed.
Earlier today Moody's slashed Greece's rating by three notches to B1 and retained a negative outlook, citing difficulty collecting revenues and implementation risk. The rating agency said that the risks of default or distressed exchange had increased since it last cut Greece's rating near the middle of last year. Moody's noted that 20% of the B1 rated sovereigns and companies default within five years. The euro wobbled, pulled back to near $1.3960 and then soared to new highs since November.
Reports indicate Germany has rejected Irish

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