The US dollar index is little changed
Market wrap Markets stabilised in thin conditions, the US on holiday, but were jolted by further ratings news at the NZ open this morning. Standard & Poor’s cut the EFSF (Eurozone bailout fund) from AAA to AA+ with a developing outlook (which means it may be revised up or down within the next two years). Until that announcement, Friday’s Eurozone ratings downgrades appeared to have little residual impact. One indicator which was closely watched was the French auction of EUR 8.6b notes up
