Moody’s confirms Spain’s government bond rating at Baa3, negative outlook
Moody’s issued the following statement in downgrading Spain’s sovereign credit rating outlook to negative: Moody’s Investors Service yesterday confirmed the Kingdom of Spain’s Baa3 government bond rating and assigned a negative outlook to the rating. In addition, Moody’s has confirmed Spain’s short-term rating at (P)Prime-3. Rating action concludes the review for possible further downgrade of Spain’s rating that Moody’s had initiated on 13 June 2012.
In summary, Moody’s believes that the combination of euro area and ECB support and the Spanish government’s own efforts should allow the government to maintain capital market access at reasonable rates, providing it with the time it needs to stabilise public debt over the next few years. In Moody’s view, the maintenance of market access is critical because the risk that some form of burden-sharing will be imposed on bondholders is material for those countries that rely entirely or to a very large extent on official-sector funding for an extended period of time.
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UPCOMING EVENTS :
2012-10-16 08:30 GMT | United Kingdom. Bank of England Minutes
2012-10-16 09:00 GMT | Switzerland. ZEW Survey - Expectations
2012-10-16 09:15 GMT | United Kingdom. BOE Deputy Governor Paul Tucker speech
2012-10-16 12:30 GMT | United States. Housing Starts
FOREX NEWS :
2012-10-17 02:55 GMT | GBP/USD at key 61.8 fibo; awaits BoE minutes
2012-10-17 01:26 GMT | USD/JPY ranges ahead of 79.00 sellers
2012-10-17 00:26 GMT | AUD/USD follows Euro tail; 1.0330/35 next hurdle
2012-10-16 21:32 GMT | EUR/USD tests 1.3100 on Moddy's Spanish rating
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EURUSD : 1.30944 / 1.30947
DAILY WEEKLY MONTHLY
1.3199 | 1.3160 | 1.3125
1.3064 | 1.3027 | 1.2992
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought
MARKET ANALYSIS - Intraday Analysis
Technical Summary: Moody’s confirms Spain’s government bond rating at Baa3 with the negative outlook yesterday and that drives market price towards to new levels. Market sentiment is clearly bullish. Main scenario: In terms of technical levels next resistance level could be found at 1.3125 (R1). Appreciation above it might enable next targets at 1.3160 (R2) and 1.3199 (R3) in potential. Alternative scenario: Our next support level holds at 1.3064 (S1). Price penetration below it might open way towards to next targets at 1.3027 (S2) and 1.2992 (S3).
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GBPUSD : 1.61262 / 1.61266
DAILY WEEKLY MONTHLY
1.6192 | 1.6163 | 1.6135
1.6101 | 1.6074 | 1.6045
SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Technical Summary: Market is waiting for Bank of England Minutes at 08:30 GMT. Technically, further market rise is more likely scenario for today while both moving averages are pointing up. Main scenario: If the price manages to progress above the next resistance at 1.6133 (R1) we suggest next targets at 1.6154 (R2) and 1.6177 (R3) in potential. Alternative scenario: Next support level locates 1.6107 (S1) today, possible pushdown of the price below it would suggest next targets at 1.6085 (S2) and 1.6062 (S3).
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USDJPY : 78.632 / 78.636
DAILY WEEKLY MONTHLY
79.03 | 78.91 | 78.78
78.61 | 78.50 | 78.38
SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Oversold
MARKET ANALYSIS - Intraday Analysis
Technical Summary: USDJPY still trades under the bullish pressure on the medium term perspective. Though, possibility of further market decline is high today as a part of correction development. Main scenario: We expect to see retest of our support at 78.61 (S1) today. Easing below it would suggest next targets at 78.50 (S2) and 78.38 (S3) in potential. Alternative scenario: Our next resistance level is placed at 78.78 (R1). Break above it might open initial targets at 78.91 (R2) and 79.03 (R3) in potential.
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