by Tue, 24 May 2011 04:52:00 +0200
Forex: Pound exposed to further weakness as Moody's to place UK banks on review for downgrade
FXstreet.com (Barcelona) - The British Pound has seen a rather vertical fall against the Dollar in May, moving from year high shy of 1.6750 earlier on the month, to currently mantain the strong bearish sentiment trapped below the 1.6100 handle, 7-week low. The stagnation on UK growth coupled with indecision by BoE to raise rates has taken its toll on the British currency.
To make matters worse, there is a report circulating out of Bloomberg sources quoting: “Moody’s Investors Service is to place 14 of the 18 British banks and building societies it covers on review for downgrade, Sky News reported, citing people close to Moody’s. The agency will make the announcement today and more than one of the big four U.K. banks will be placed on review, including Lloyds Banking Group Plc (LLOY), Sky said”.
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