Home Moody’s Downgrades UK Credit Rating – GBP Crashes

Moody’s Downgrades UK Credit Rating – GBP Crashes

Updated: 23 Feb. 2013 | 10:50

Just as we prepare to head home for the weekend, the ratings agency Moody’s downgraded the UK credit rating to AA1 from AAA.

Needless to say the GBP collapsed as no real liquidity is in the markets as we approach 5 PM.

GBP went from 1.5250 to 1.5185 in the blink of an eye.

It will be interesting to see how the Far Eastern markets react to this on Sunday evening. GBP is closing at 1.5190.

Matthew Lifson

Matthew Lifson is a Foreign Exchange Trader and a Market Analyst. with Cambridge Mercantile Group.

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