Credit rater S&P downgraded Spain

Credit rater S&P downgraded Spain on Wednesday to BBB- citing rising tensions among then countries regional economies and uncertainty about the recapitalization of the Spanish banking sector. The country is widely believed to need at least 60 million but has access to at least €100 million to get the job done. Prime Minister Rajoy has been able to avoid a bailout and the conditions that may come along with such assistance but the latest blow to the country’s credit rating could force his hand. The EUR is up .67% to $1.2932 and has lent support to the precious complex as gold is up .25% to $1770 in the early session while the rest of the metals find themselves in positive territory as well.  The latest U.S. unemployment filings are making the jobs picture look rosier as the number of people filing for the first-time dropped 30,000 to 339,000. This is the first jobless claims report since last week’s head-scratcher that showed the unemployment rate fell to 7.8%.  Have a great day!