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Moody's May Downgrade Australian BK Ratings

Written by Andrew Isbister on February 17th, 2011.      0 comments

8:11 AM (AEST) 17 Feb. Credit ratings agency Moody's yesterday said they may downgrade the credit rating of Australia’s four biggest banks and their New Zealand unit, on concern that access to overseas markets for funding will be “significantly restrained.”

Whilst both the AUD and NZD were sold aggressively on the announcement, they quickly recovered to pre announcement levels, and are currently both trading close to the 24 hour highs. 

Current interbank levels:
NZDUSD   .7553
NZDGBP   .4692
NZDAUD   .7533
AUDNZD 1.3274
AUDUSD 1.0033
 

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