Belgium's credit rating drops due to exposure with Greece

Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4013-1.4102

Rates GBP/USD 1.6068-1.6153

Rates GBP/EUR 1.1437-1.1477

We have seen a pull back in favour of the Euro overnight. No real news but some light vocal support from the IMF and Euro officials on the Greek situation.

However, credit ratings agency Fitch place Belgium on negative outlook because of its exposure to Greece. Overall the market remains bearish for the Euro, with the next major technical support being €/$ 1.3900. Sterling unchanged versus the USD, and a little lower versus the Euro.

Britain recorded its worst April public sector net borrowing on record last month, as a fall in tax receipts got the new fiscal year off to a disappointing start.

EUR/USD currently 1.4077. Support 1.3900, resistance 1.4200.

GBP/USD currently 1.6117. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1448. Support 1.1350, resistance 1.1600.

Oil $ 98.5 Gold $ 1517

Dow -1.9% FTSE -0.13% Nikkei +0.17%

Company Details

Belgium's credit rating drops due to exposure with Greece

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