Rating agency Standard&Poor's raised the sovereign rating of Spain by one notch to "BBB" with a stable outlook. Last month, the rankings of Spain was increased by Fitch Ratings, and Moody's has improved its assessment of the country's debt in February. It is worth recalling that the cost of borrowing for Spain continues to decline after completing of the program of financial support from the EU. In addition, the improvement is observed not only in Spain but also in other problem eurozone countries - Greece, Portugal and Ireland.
According to experts' forecasts, average GDP growth in Spain in 2014-2016 will be 1.6% versus the previous estimate of 1.2%.
Recovery from the recession of the fourth largest economy in the euro area has a positive impact on the euro quotes, but on June 5th ECB may decide on additional measures to fight low inflation and in this case the price of the European currency will continue to fall with the objectives 1,34-1,35.
Wish you the profits!
FXFINPRO Capital Analytical department.