Banks not making the Grade

Downbeat manufacturing data across major global economies weighed heavily on high yield currencies yesterday. Moody’s rating downgrade of 15 major global banks, coupled with disappointing German business confidence data released today, does not bode well for the global economy. The deterioration in economic conditions is likely to play on the minds of EU finance ministers at their meeting in Luxembourg. Across the Atlantic, yesterday’s weak economic data justifies the extension of the Fed’s “Operation Twist” until the end of this year.

At home, although retail sales numbers were positive yesterday, the possibility of further QE at the next BoE policy meeting cannot be ruled out.

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Banks not making the Grade

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