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Day: July 5, 2011
July 52011
Portugal’s Credit Rating Now Junk, Euro Feels Bad
The euro slumped today, falling against the US dollar for the first time after six sessions of gains, as Moody’s downgraded Portugal’s rating to junk today. Moody’s Investors Service cut the credit rating of Portugal to Ba2 from Baa1, two levels below investment grade, and assigned a negative outlook today. The agency explained its decision by two factors: 1. The growing risk that Portugal will require a second round of official financing […]
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July 52011
Rand Weakened by Credit Rating Outlook for Greece
The South African Rand fell today as the speculation that Standard & Poor’s may issue a default rating for Greece reduced attractiveness of riskier currencies. S&P said yesterday that the rollover plan for Greece can result in a “selective default” rating. Platinum, one of major export revenue sources for South Africa, fell by 0.8 percent per ounce. The rand reversed its decline, but currently remains below the opening price. USD/ZAR […]
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July 52011
Services PMI Boosts Pound in Short-Term, Outlook Remains Negative
The report about the UK Services PMI showed an unexpected growth, bolstering the Great Britain pound, but it can’t be considered completely positive as the data showed an underlying weakness of Britain’s economy. The Markit/CIPS UK Services PMI advanced from 53.8 in May to 53.9 in June, while it was expected to drop to 53.6. Yet the report stated that the rate of expansion was below trend and the growth of new businesses slowed last […]
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