Yesterday we heard the latest figures from the report on Spanish banking systems stating the banks would require between €55bn and €62bn in order to recapitalise them. This is less than the €100bn which was made available to them and therefore has provided some confidence to the markets that the banks will be bailed out and should survive the current economic pressures they are facing. Meanwhile credit ratings agency Moodys have downgraded 15 major banks including RBS, Barclays and HSBC while Lloyds also had its rating cut in a separate announcement. Other banks included Bank of America, Citigroup, Deutsche Bank, Credit Agricole and BNP Paribas. The credit ratings agency stated the banks exposure to global volatility caused the downgrade which is a fairly damming view of the global markets and the global banking system.

This morning we have seen some Sterling strength especially against the Euro so if you are looking for live exchange rates contact us today and one of our experienced currency broker will be happy to discuss your curre