Up, up, and away! Says the Euro to the GBP.
Moody’s downgrade of the UK’s prestigious AAA rating was a wake up call to the United Kingdom late on Friday.
What Did Moody’s Say? According to Moody’s the UK has “sluggish growth which Moody’s now expects will extend into the second half of the decade”.
Another reason for the UK downgrade according to Moody is it’s increasing debt: “And, as a consequence of the UK’s high and rising debt burden, a deterioration in the shock-absorption capacity of the government’s balance sheet, which is unlikely to reverse before 2016.” (Moody’s)
The EURGBP could be on it’s way through the critical .883 level in the next week or two if this momentum continues.
Yen News The Yen is also hitting new Yen lows against the United States Dollar. With a new BOJ governor to be set in place soon, it is very likely for the Yen’s volatility to be high in the near future.
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