Euro exchange rate update. How will events in Greece effect the single currency?
Over the last day or so the Euro had strengthened against a range of currencies. Against sterling this morning the Euro was up at 0.8152 while this afternoon it has dipped again to 0.8069. After comments that came out of the Bank of England in connection with putting more liquidity into the markets at one point it seemed that the pound would continue its recent two day decline against the Euro. This afternoon though the losses for the pound has been reversed and sterling is flying on a fairly non eventful day in the currency markets.
For those of you that have a requirement to buy or sell the Euro I am sure that you will be looking on with keen interest at events in Greece this Sunday. You must be fairly worried about how things will unfold. There is so much uncertainty in Greece that with all the variables that are out there that no one can really predict what will happen.
The Euro had gained against the USD for 4 days straight but the reversal of this is because investors are becoming more and more worried and uncertain about Greece. Central banks have stated their willingness to step in to counter any adverse fallout from the vote but this has not put enough confidence into the single currency yet.
Here on the trading floor we have had many clients both buying and selling their Euros due to the uncertainty of where the rate will be come Monday morning. If the Pro Austerity gets in we may see some Euro strength but I think it will only be for a small amount of time. If the Anti Austerity gets in then I think the Euro could be significantly dented.
If you have Euros to sell to buy GBP or USD then please do feel free to contact me with your requirement at bma@currencies.co.uk Things are looking very difficult for you guys and with the rates as bad as they are you must try and maximise your exchange by getting the best rate. Hopefully this is something that we will be able to do for you. if you are buying Euros I feel that over the horizon the pound will be trading between 1.23-1.25 over the coming weeks. please do feel free to contact me at bma@currencies.co.uk and I will explain the options that are available to you to help you maximise your currency conversion.
