Moody’s: Global speculative-grade default rate surpasses 2002 peak

Moody’s reports that the Global speculative-grade default rate rose to 10.7% in July from 10.3% in June, surpassing the 2002 peak of 10.4%. The rating agency sees the rate hitting a peak of 12.2% in Q-4 2009 before falling to 4.4% in July 2010.

EUR/USD has come under a little pressure in the wake of the news hitting the wires, presently down at 1.4375. Cable has also slipped, presently down at 1.6970. Risk sentiment dented.