Spanish yields rise as EU summit doubt grows
Slight delay on today’s update as we waited for the news flow from the UK Report Hearings and perhaps more importantly, the bond sale results for Spain and Italy.
The euro is under pressure against GBP and USD after Spanish short−term bond auctions have yielded higher borrowing costs, indicating cautiousness among investors ahead of the EU Summit on June 28−29. This is partly a result of Moody’s downgrade of the bailed out Spanish banking sector. Moody’s cut long−term debt and deposit ratings on 28 Spanish banks.
The members of the UK’s Monetary Policy Committee are currently speaking but so far they have not managed to damage the momentum of GBP versus EUR.
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