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Pound trading at a 4 month low against the Australian dollar
Published: 27 Mar at 8 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Currency Exchange, Rupee Exchange Rate, Euro Crisis, UK, Economy, Spain,
The pound picked up for a second day in a row against the euro but continues to fall against the high yielding currencies and reached a new 4 month low against the Australian dollar.
In a quiet news day, the UK Treasury announced that it had sold a 7.8% stake in its holding of Lloyds bank plc for £4.2 billion and also announced that it plans to sell a further 7.5% stake at some point in the future.
The euro fell for a second day in a row against both the pound and the US dollar despite better than expected German consumer confidence data which remains stable at a seven-year high despite worries over the crisis in the Crimea.
Meanwhile the Spanish central bank announced that it expects the Spanish economy to grow by 1.2% in 2014 after emerging last year from a deep, long recession.
In the US, the Commerce Department reported that US durable goods orders increased by 2.2% during February to reach $229.4 billion, a much faster increase than had been expected by analysts.
In a further blow to the emerging market economies, credit ratings agency Standard & Poor’s downgraded Brazil’s sovereign debt to just one step above junk status.
S&P cut Brazil’s debt rating by one notch to BBB- and pointed towards what it termed as “fiscal slippage”; bad economic management and one-off tricks that flattered the public accounts as the main reasons for the latest ratings downgrade.
S&P also warned of a widening trade deficit and weak economic growth for years to come.
Analysts commented that Brazil, the former darling of the so-called BRIC (Brazil; Russia; India and China) quartet of nations is staring “down the barrel of a recession”.
In addition, recent data shows that Brazil, Russia and Turkey are all on the brink of seeing their economies enter a recession after each recently tightening its monetary policy in order to defend their currency.
The latest downgrade from S&P is a big blow for Brazilian President Dilma Rousseff as the country prepares to host the football World Cup and hold general elections later this year. Brazil is also hosting the Olympics in 2016.
In a quiet news day, the UK Treasury announced that it had sold a 7.8% stake in its holding of Lloyds bank plc for £4.2 billion and also announced that it plans to sell a further 7.5% stake at some point in the future.
The euro fell for a second day in a row against both the pound and the US dollar despite better than expected German consumer confidence data which remains stable at a seven-year high despite worries over the crisis in the Crimea.
Meanwhile the Spanish central bank announced that it expects the Spanish economy to grow by 1.2% in 2014 after emerging last year from a deep, long recession.
In the US, the Commerce Department reported that US durable goods orders increased by 2.2% during February to reach $229.4 billion, a much faster increase than had been expected by analysts.
In a further blow to the emerging market economies, credit ratings agency Standard & Poor’s downgraded Brazil’s sovereign debt to just one step above junk status.
S&P cut Brazil’s debt rating by one notch to BBB- and pointed towards what it termed as “fiscal slippage”; bad economic management and one-off tricks that flattered the public accounts as the main reasons for the latest ratings downgrade.
S&P also warned of a widening trade deficit and weak economic growth for years to come.
Analysts commented that Brazil, the former darling of the so-called BRIC (Brazil; Russia; India and China) quartet of nations is staring “down the barrel of a recession”.
In addition, recent data shows that Brazil, Russia and Turkey are all on the brink of seeing their economies enter a recession after each recently tightening its monetary policy in order to defend their currency.
The latest downgrade from S&P is a big blow for Brazilian President Dilma Rousseff as the country prepares to host the football World Cup and hold general elections later this year. Brazil is also hosting the Olympics in 2016.
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Source: moneytransfer.co.uk