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Currency Monitor 2012-05-18

May 18, 2012
  • Spain is fast becoming the bigger issue as Moody's downgrades Spanish banks
  • Spain's politicians ask the ECB to buy its debt as yields approach bailout levels
  • EUR sinks toward 2012 lows as Fitch downgrades Greece; IMF calls for ECB rate cuts
  • Gold rebounds from support on growing prospects of more ECB liquidity additions
  • U.S. economic data disappoint, extending stock losses; Fed commentary avoids QE3
  • This weekend's G-8 said to focus on higher Oil price risks ahead of Iran sanctions
  • Falling Treasury yields reverse YEN losses; Risk of intervention increases sub 79