Pain in Spain

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Worries over the debt situation in the Eurozone have escalated and affected sentiment towards the Euro, after S&P lowered Spain's long-term and short-term sovereign credit rating, citing "a challenging fiscal outlook". Yesterday’s fall in Eurozone economic confidence has added to the concerns surrounding the region.

Meanwhile, the Pound was initially supported by a flat reading on consumer sentiment. Yesterday’s dismal data on retail sales and mortgage approvals seems to have left lingering doubts regarding the state of domestic economic recovery.
Market participants are likely to focus on the Italian bond auction and the US GDP growth report today.

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Pain in Spain

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