28th July 2011 – Daily market analysis by Tim Lewis
August 4th, 2011 | 
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Tim Lewis is a Corporate Dealer at Currencies Direct UK, lends us his expertise on a daily basis. Foreign Exchange (FX) Market analysis is a daily market overview and commentary More Debt Please! Risk-off sentiment dominated yesterday and overnight trading as the Dollar gained versus both the Euro and Sterling. The US political stalemate over the raising of their debt ceiling continues to control market movements. Sterling benefitted from the pick up with concerns over Eurozone debt combined with contrary comments from the Greek PM and the German Finance Minister over ‘agreed’ plans going forward. Overnight, we have also seen S&P cut Greece’s long term sovereign rating to CC (in line with Moody’s move) whilst in a separate move, Moody’s cut Cyprus’s sovereign rating by a couple of notches to Baa1. Today, there is a raft of data from Europe and the UK, all 1st tier data reflecting the health of the respective economies. It is difficult to envisage either ‘out-performing’ the other, so expect little change at today’s close from current levels. The BIG proviso is of course developments in the debt crisis, either positive or negative; all market eyes are sharply focused on proceedings. Both Republicans and Democrats are ploughing forward with their own separate proposals for avoiding a default with Boehner’s plan expected to be voted on today by the Senate with expectations that the vote will be boycotted by all 51 Democrat representatives. After yesterday’s weak durable …
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