Rating Agencies Strikes Again

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Trading sentiment in high yield currencies has ebbed a little owing to the looming threat of rating downgrades in the Eurozone. Fitch yesterday warned that Italy faces a “significant chance” of a rating cut this month. This has turned market focus onto the Merkel-Monti meeting today and Italian and Spanish bond auctions starting tomorrow. Additionally, German GDP growth numbers, released this morning, matched market estimates and so are likely to favour the German bond sales scheduled for later today. At home, shop price inflation for December slipped to its lowest level in 16 months and the total trade deficit widened for November.

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Rating Agencies Strikes Again

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