The USD has been strengthening readily this week and the good news kept on coming as the credit agency Fitch affirmed the US on its AAA rating with stable outlook, removing the country from the negative watch. US debt is now in a better position compared with other developed nations given the reserve currency status. Fitch also added that the strong fiscal consolidation and low financial sector risks was also a positive input helping them make the decision.
This morning, we have already had Industrial Orders out from Italy. All of which were better than expected and showed a healthy month on month and year-on-year rise.
Other then that, nothing major has been going on as USD continues to strengthen against all and GBPEUR remains relatively rangebound.
Posted in Daily Market News on May 30 2014