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Thursday, 13 December 2012

UK credit rating put on negative watch

* 13 December 2012 17:18:05 RTRS - S&P REVISES UNITED KINGDOM SOVEREIGN CREDIT OUTLOOK DOWN TO NEGATIVE FROM STABLE; CURRENT RATING IS AAA


GBP tick. Thomson Reuters.

GBP Instantly dropped on the news by nearly 40 pips. Now all 3 major Rating agencies have outlook as negative for the UK and Bank Of England.

However, argubaly one of the most controversial rating agencies, Egan Jones, Downgraded the UK earlier this year.

http://uk.reuters.com/article/2012/06/04/uk-unitedkingdom-rating-eganjones-idUKBRE8530ZR20120604

Egan Jones has been about 6 months ahead of action from other Ratings agencies in the past so expect a formal Downgrade in the coming weeks from either Moody's, Fitch or S&P.

Unfortunately this is not great for GBPNZD long but AUDUSD is doing well.

EDIT closed AUDUSD at 1.0520 for +55


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