Standard and Poors ratings agency out with their initial thoughts 8 May

  • unsolicited AA, Outlook Stable A-1+
  • outcome of French elections should have no immediate impact on ratings
  • baseline expectation next French govt likely to continue or even accelerate the current moderate pace of reform

No mention of parliamentary election concerns as per Moody's, and indeed mine earlier.

EURUSD continues its retreat and having broken down through 1.0950 has posted 1.0936 lows so far. EURGBP and EURJPY also both lower at 0.8434 and 123.03.