This morning we have heard from Standard & Poors as they have announced they have cut Spain’s credit rating by 2 notches to BBB+ and have stated there is a chance of further downgrades. With unemlpoyment at 20% and spiralling debt it appears that Spain could be about to become the new Greece but does the Eurozone have enough money to keep them afloat? Over the course of the Greek debt crisis billions of Euros were used to avoid a Greek default and the question is will there be enough money left to keep Spain, a much larger economy out of trouble. Surly if Spain were to default it would send enormous reprocussions throughout the global economy and while this could be worrying news for the Euro (EUR) it is not necessarily good news for Sterling exchange rates (GBP). Our close trade ties with Europe mean that any negative news in the single currency economy could damage our economy and therefore Sterling rates of exchange.
In other news today we have US GDP figures released at 1:30pm and with expectations for growth in America it could come as a timely boost for not just The States but also the global economy. So, if you need to buy US Dollars please contact one of our experienced currency broker today on 0800 328 5884 or email us on firstname.lastname@example.org so we can discuss your currency requirement and all the options available to you.