Another wave of selling came down over Europe during the London session amid disappointing economical data and credit rating worries.
The Fitch Group came back to haunt Europe once again when it expressed concerns over Portugal’s fiscal situation. The pound was particularly affected when Fitch Ratings’ managing director Brian Coulton qualified as “too slow” UK’s deficit cutting plan, which re- raises the possibility of a triple-A credit downgrade.
A weak RICS House Price Balance (17%) and Trade Balance (-8.0B) helped send the GBPUSD back under 1.5000.
The euro couldn’t escape a down move despite an improvement in French Trade Balance (-3.7B). The EURUSD re-visited the 1.3500 region after a technical rebound off a resistance trendline.
The CHF lost some ground against the dollar after the Swiss CPI came in lower than expected (0.1%). On another hand it gained against the euro to assume its role as a safe European currency.
Commodities retracted moderately on global risk-aversion and after China’s chief FX regulator commented on gold : “gold is not a bad asset, but currently a few factors limit our ability to increase foreign-exchange investment in gold”.
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