The dollar rose against major currencies yesterday following more upbeat US economic data, while the euro took a beating after Moody's placed Spain's ‘Aa1' credit rating on review for a possible downgrade.
Today the euro is down 0.25% against the dollar, to 0.7548, while the greenback is up 0.33% to 1.5596 against the pound. The ratings agency pointed to concerns about the country's funding at the start of 2011, while the news has reignited fears over Europe's sovereign debt crisis. Ongoing civil unrest in Greece and Italy also knocked sentiment towards the single currency. Fears about UK banks' exposure to Spanish debt sent sterling sharply lower, as did a dire set of UK unemployment figures. The number of jobless rose to 7.9% from 7.7%, data showed. In contrast, the US digested ...
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