News rather charged last Friday, especially in the area of sovereign debt.
The rating agency Fitch lowered the rating by three notches from Portugal, bringing A-to BBB-, just one notch above the category of speculative investments.
Standard & Poor's also intervened by lowering the sovereign rating of BBB + to Ireland (for the long term) and A-2 (for the short term). The agency has attached to this note a stable outlook. A restructuring of the Irish debt may soon be investigated by Brussels.
On the economic front, the main macroeconomic indicator of Friday's meeting was the publication of the unemployment rate in the United States in March, which reached its lowest level since 2009 at 8.8% while economists were expecting a continuation unemployment at 8.9%.
Finally, the FOMC meeting of the Fed is looming and speeches accumulate. Jeffrey Lacker has hinted that rate hikes could occur before the end of the year because of rising inflation. The president of the Philadelphia Fed has trumped by stating that an increase is probable but it would depend heavily on "how things evolve in the months ahead. "
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