The dollar is under pressure on Wednesday, as U.S. stocks were mostly higher amid mixed news about European banks, credit ratings and U.S. economic data.
NEW YORK (MarketWatch) — Spanish government bonds remained in positive territory in late U.S. trading on Wednesday after Moody’s Investors Service said it may downgrade the Aaa sovereign ratings on Spain because of deteriorating economic conditions. Analysts noted that Standard & Poor’s and Fitch have already both stripped the country of its AAA ratings, and the bonds have traded more like lower-rated debt already. Yields on Spain’s 4% coupon bonds maturing in April 2020 yield 4.56%, down 3 basis points. Yields move inversely to prices and a basis point is 0.01%.
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