- S&P lowers Portugal’s credit rating to BBB
- EU summit to boost aid-fund by June; Irish debt renegotiation question postponed
- Japan’s February CPI -0.3% YoY
- BHP announces A$10 billion in Australian expansion plans
- Regional stockmarkets rise by just under 1%
- Gold $1434/oz, Oil $105.50/bbl
The only small bit of excitement came when S&P announced that they were following the Fitch lead and were downgrading Portugal’s credit rating. EUR/USD fell from 1.4175 to 1.4150 but there was no follow through. The range for the most part of the day has been 68/78. Overall range, 1.4148/84
USD/JPY traded an 11 pip range between 80.93/81.04 and the pair has had its quietest trading week in over 15 years, amazing after the madness of the previous week.
EUR/GBP has been one of the busier pairs, trading in a 20 pip range .8783/.8804 and cable 1.6096/1.6126.
The AUD/USD market also took the day off, 1.0184/1.0213 the range there.
