This week’s PMIs will be crucial

Review… The UK: Fitch downgraded its credit rating from AAA to AA+ Already a month ago, Fitch placed the UK on negative watch and the downgrade was not unexpected in that light. Moody’s downgraded its credit rating already in February and Fitch was therefore not first-mover. Standard & Poors is now the only credit-rating agency with a top-rating of the UK. The announcement weakened GBP by approx. 0.5% against EUR – we do not expect further weakening on this background. On the other hand,

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This week’s PMIs will be crucial

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