By Jonathan Watson

The Euro has made further inroads into sterling today pushing it down to the 1.17 mark. It has rebounded slightly up the mid 1.17′s on news of Moody’s downgrading Ireland’s credit rating.

Intreresting news this week is the result of the European Stress Tests on Friday. This was expected to be sterling positive some months ago, but now looks to be euro positive. The Greek Finance Minister  has stated he was confident Greece will pass the tests. Greece are arguably the most affected by the debt crisis and such sentiments show how this may not move the market as previously thought.

The Canadian Interest Rate decision is due tomorrow. Canada is widely predicted to raise interest rates from 0.5% to 0.75%. This will likely lead to some CAD strength and I would anticipate this eradicating many of the gains sterling had recently made, which had been holidng quite strong.

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