But ratings agency Standard&Poors revises their sovereign credit outlook up to “stable” from “negative”

Euro lower on the headline just out on reuters

EURUSD 1.3392 EURGBP 0.8324 EURJPY 131.42

Add:

  • S&P cites high unemployment weakening support for further significant fiscal and structural policy measures
  • says French govt macro-economic reforms will not substantially raise medium term growth prospects

The upward outlook revision to stable reflects our expectation that the govt is committed to containing net general govt debt, and that the probability of a further rating action on France over the next 2 years is less than one-in-three

EURUSD has bounced from 1.3390 to 1.3400 but EURGBP still at 0.8324 from 0.83333 prior the announcement