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LONDON MARKET WRAP

Posted by Joseph Trevisani on Feb 25, 2013 8:10:00 AM

Euro

February 25 Monday

The euro climbed 90 points to 1.3280 from 1.3190 as it gained momentum against the much weaker pound which fell to 1.5175 after the ratings agency Moody’s downgraded the UK from one of its prized triple-A ratings. Euro-sterling is much higher at 0.8770 from Friday’s New York close of 0.8650. (+120 points)

 

STERLING

Sterling fell sharply to 1.5200 from 1.5250 in the late Friday New York session when Moody’s downgraded U.K.’s credit rating by one notch to Aa1 on February 22, citing weakness in the nation’s growth outlook and challenges to the government’s fiscal consolidation program.

The pound had opened much lower in the prior Asian session with a wide price gap from 1.5175 from Friday to 1.5100 and was pushed further to the 2 ½ year low of 1.5073.

In Europe, the price action was a mere 38 point consolidation between 1.5162 and 1.5124 as traders stayed on the sidelines.

Chria Advincula

Market Strategist

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