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Ratings Lower

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Category: Forex

Ratings Lower

Moody’s reduce the score of Catalonia by two steps to Ba3, and also lowered Extremadura, Andalucia, Castilla-La Mancha and Murcia. The company stated in a press release yesterday the decision was “pushed by the deterioration of their liquidity positions, as evidenced by their very limited cash reserves.” A week in the past, Moody’s stored Spain’s sovereign rating at Baa3, the lowest investment grade.

The Spanish government instructed the EU its funds deficit in 2012 will probably be 7.three % of gross domestic product, exceeding a target of 6.three %, El Confidencial reported, citing a Spanish report.

An index of sentiment amongst French manufacturing facility executives fell to 85 in October, the bottom since August 2009, from 90 last month, the statistics workplace Insee mentioned in Paris.

The euro has strengthened four % up to now three months, the perfect performance of 10 developed-market currencies tracked in Bloomberg Correlation-Weighted Indexes. The shared foreign money continues to be down 1.7 percent this year.

 

‘Defying Gravity’

“With all the troubles in Europe, it seems to be onerous to buy the euro,” mentioned Derek Mumford, a Sydney-primarily based director at Rochford Capital, a currency danger-management company. “The euro is defying gravity. Thepromise from the European Central Bank to support sovereign debt has had impact, and has been shopping for some time. The overall picture is getting worse.”

The Hong Kong Monetary Authority offered its personal foreign money for a second time in a week to stem appreciation after it traded near the upper restrict of a 29-yr-old peg to the dollar.

The central financial institution bought $855 million at a fee of HK$7.75 per greenback, the authority mentioned in an e-mailed statement today. That adopted a $603 million intervention on Oct. 19, when it stepped into the market for the first time since 2009. The Hong Kong dollar was little modified at HK$7.7502.
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