As New York closed last night Standard and Poor’s rating agency downgraded Spain to BBB+ with outlook negative. The cut was caused by bleak growth prospects and the country is now just two notches away from entering junk territory.
USD/CHF. This morning we see the USD continuing to advance against the CHF and was up by 0.29% yesterday gaining 0.37%. It is expected that it will reach 0.26 up from the previous 0.8.
Deutsche Bank which is Germany’s biggest lender has posted a 33% drop in its first quarter profit and has cited debt crisis as a negative forced that has curbed trading. The net income declined to EUR 1.38 million compared to EUR 2.06 billion in the same period last year.
UK consumer sentiment rallied in March reaching a 9 month high record even though the British economy declined during the first three months of 2012. British consumers spend more money on large scale items such as cars and homes.
It was also reported that the number of Americans who have applied for jobless benefits remained elevated for the third straight week which suggests that there is some weakening in the US labor market.
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