Overnight Moody’s the credit rating agency has downgraded France and their financial outlook, even though other credit agencies have already lowered their score this news just confirms the problems inside one of the power houses of Europe. Like you and I we having a credit rating that effects the cost of borrowing, countries have the same so this downgrade results in borrowing costs for France going up. It will be seen as bad news for relatively new government in France that have been cutting costs across the board from health care to transport in an effort to improve their situation.
This news I would expect to weaken the euro in early trading today and again goes to show how breaking news can change the markets and the prices quickly. If you need to complete a money transfer and don’t have the time to watch all day feel free to contact us. We provide a pro-active service acting as your eyes and ears on the market keeping you up to date on movement and news that could affect the cost of anything from a property purchase to an invoice payment. Contact us today on the normal number or via email for further information.
All the best,
Steve Eakins
Elite trader