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Fitch Downgrades BNP Paribas

Fitch Downgrades BNP Paribas to AA- with a stable outlook.

Fitch Downgrades Spain

Fitch downgrades Spain to ‘AA+’  from ‘AAA’ Outlook Stable

“Fitch says Spain’s economic process will be more difficult and prolonged than for other AAA rated sovereigns”

Fitch sees spain government debt likely reaching 78% GDP by 2013

Fitch: Spain Adjustment to cut growth rate over medium-term.

Euro trading lower on the news.

Bobbys Corner-Open Market-Nov.10.2009

bob-slade-forex-trading-3-150x200Good Morning:

The worst news of the evening was Fitch Ratings stating that the UK is the most at risk of any of the major economies from losing their  AAA credit rating.  The concern is mainly about their budget deficit, as the global recession took a bit out of UK tax revenues and caused a large jump in state sponsored welfare costs.

The GBP dropped overnight, and the USD was mostly weaker with the EUR/USD pair reaching 1.5020.

NZDUSD has a volatile day, but could be topping on Fitch downgrade


Fitch downgraded the outlook for New Zealand’s AA+ sovereign credit rating to negative from stable and in the process warned that severe economic imbalances mean the government should dramatically tighten its purse strings.

The surprise move led to a sharp fall in the value of the NZDUSD.   However, just when you think it is safe to go outside (or short NZDUSD) the pair retraced off the 38.2% support level and rebounded back higher. 

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