Sterling’s Reins Pulled

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A deluge of rating downgrades has hit the Eurozone, with Fitch lowering its rating on Greece by one notch and Moody’s reducing its credit rating on sixteen Spanish banks. Meanwhile, Sterling continues its losing streak against the US Dollar following the BoE’s uninspiring quarterly inflation report. Additionally, US economic data released yesterday was disappointing and has turned the tide in favour of a potential QE3. With macro data on a light side today, markets are likely to take direction from news flow out of the Eurozone and the G8 meeting starting today.

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Sterling’s Reins Pulled

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