UK Retains Its Triple A Credit Rating But Only Just!
In an announcement from Standard & Poors (S&P) it was confirmed that the UK had retained its triple A credit rating however the credit rating agency did put the UK on a negative outlook stating that any more negative information could lead to the UK having its credit rating downgraded. This news is in contrast to Moodys who had previously downgraded the UK which shows just how divided opinion is on the UK econony. The much needed good news for the UK has helped support Sterling this morning and with the issues in Europe continuing there is still a possibility that we could see Sterling strengthen further against the single currency. While the news is positive the fact that we are on a negative outlook to me shows that it will be a close run thing as to whether we are in official recession. We are set to receive the first set of GDP figures later on this month and I personally believe that this will set the tone for Sterling for the forseable future; if the UK is in recession we could see the Pound fall against the majority of major currencies but if we are not in recession then we could see the rates push up back towards where we were at the start of the year.
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