Fwd: Market overview for Friday 7th October 2011

Mohamed E. Shaheen from iphone

Begin forwarded message:

From: Windsor Brokers Ltd <marketingwb@windsorbrokersltd.com>
Date: 10 October 2011 09:28:05 AM EET
To: mshaheen@middleeastip.com
Subject: Market overview for Friday 7th October 2011
Reply-To: marketingwb@windsorbrokersltd.com

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Market overview for Friday 7th October2011. Currencies   Ratings downgrades for Italy and Spain knocked the wind out of the euro on Friday, and traders said anxiety about Europe's economy and fragile banks will likely continue to hobble it in the weeks ahead.   The debt crisis continued to hurt the euro, which slipped 0.4 percent to $1.3373, off a $1.3524 session high.   The euro relinquished earlier gains after Fitch cut the credit ratings of Italy and Spain -- the third and fourth largest euro zone economies -- citing a worsening euro zone debt crisis and fiscal situation in both countries.   In addition, Moody's Investor Service, another ratings agency, put Belgium's ratings on review for a possible downgrade, citing long-term funding risks and high public debt.   The dollar rose against the yen and the Swiss franc, up 0.2 percent to 76.85 yen and up 0.8 percent to 0.9280 francs.   Sterling may struggle as well, though it rose 0.7 percent to $1.5545 on Friday, it remained near Thursday's 14-1/2-month low beneath $1.53, hit after the Bank of England said it would pump another 75 billion pounds into the economy.