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Exchange Rate Outlook
-
Sterling falls on latest UK credit rating warning
A three-day rally by the
pound
exchange rate ran out of steam on Monday as credit ratings agency Moody's
once again warned that the UK's prized Aaa credit rating remains under pressure
from the spiralling national debt.
The pound to US dollars exchange rate at
$1.5118 - but still well above recent lows of $1.478. Moody's said the recovery
that has taken hold across the global economy remains fragile even where
aggressively expansionary fiscal and monetary policies have taken place.
'This exposes governments to substantial execution risk in the implementation
of their exit strategies, which could yet make their credit more vulnerable,'
said Arnaud Mares, senior vice president in Moody's Sovereign Risk Group and the
main author of the latest report.
The report shows the UK is closer to a downgrade than at the time of the last
Moody’s report in December, and that debt affordability here is worse than in
most other Aaa rated countries. One of the report's key conclusions though is
that the UK's rating is supported by substantial 'debt reversibility'.
Pierre Cailleteau, managing director of Moody's Sovereign Risk Group, said 'A
key issue is whether governments are able and willing to implement such
unprecedented adjustments. Growth will support some governments' adjustment
plans more than those of others, but no government can rely on it.'
Aaa governments also face a delicate balancing act with respect to the timing
of these fiscal adjustments: tightening fiscal policy before private demand has
become self-sustained could risk undermining the recovery, and thereby damage
governments' power to tax.
For the full story visit
www.citywire.co.uk
Bye for Now
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A three-day rally by the pound exchange rate ran out of steam on Monday as credit ratings agency Moody's once again warned that the UK's prized Aaa credit rating remains under pressure from the spiralling national debt.
The pound to US dollars exchange rate at $1.5118 - but still well above recent lows of $1.478. Moody's said the recovery that has taken hold across the global economy remains fragile even where aggressively expansionary fiscal and monetary policies have taken place.
'This exposes governments to substantial execution risk in the implementation of their exit strategies, which could yet make their credit more vulnerable,' said Arnaud Mares, senior vice president in Moody's Sovereign Risk Group and the main author of the latest report.
The report shows the UK is closer to a downgrade than at the time of the last Moody’s report in December, and that debt affordability here is worse than in most other Aaa rated countries. One of the report's key conclusions though is that the UK's rating is supported by substantial 'debt reversibility'.
Pierre Cailleteau, managing director of Moody's Sovereign Risk Group, said 'A key issue is whether governments are able and willing to implement such unprecedented adjustments. Growth will support some governments' adjustment plans more than those of others, but no government can rely on it.'
Aaa governments also face a delicate balancing act with respect to the timing of these fiscal adjustments: tightening fiscal policy before private demand has become self-sustained could risk undermining the recovery, and thereby damage governments' power to tax.
For the full story visit www.citywire.co.uk
Bye for Now
Travel-FX
Buying Euros?
Buy Euros at the
best euro Rates!
Get a quote for
Buying Euros now!
Need to
Buy Holiday Money?
Buy Travel money
at the
best exchange rates
visit
www.travelfx.co.uk
and save on your
travel and holiday money needs
Buying Dollars?
Buy US Dollars at the
Best Dollar Rates!
Get a quote for
Buying Dollars Now!
Buying Australian Dollars?
Buy Australian Dollars at the
Best Australian Dollar Rates!
Get a quote for
Buying Australian Dollars Now!
Contact
IMS Foreign Exchange + 44 207 183
2790
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Buy Euros