While there was little to cheer about UK retail sales data released yesterday, the situation in Europe was relatively calm, following successful Spanish bond auctions and better-than-expected manufacturing activity across the Eurozone. However, as we come to the end of this week, the fear of a possible mass ratings downgrade of Eurozone economies still looms large with six of the world’s largest banks having already been downgraded by Fitch. We expect the session to be relatively quiet, with a positive bias towards the high yield currencies.
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