Greek Prime Minister Lucas Papademos is meeting coalition leaders in order to seal the austerity agreement to secure the new EU/IMF bailout.
The agreement, which is likely to include a 20% minimum wage cut, pension cuts and 15,000 job cuts, has already led to mass protests across Greece but the 3 coalition parties appear to have been left with little option than to agree to the proposals.
This news has led to Euro strength across the board today with EURGBP trading at a 7 week high, EURUSD at an 8 week high and EURCHF at a 4 week high.
For Euro buyers this announcement could be the end of a purple patch where exchange rates have been sitting a long term highs but for Euro sellers this agreement, which appears to have been weighing heavily on the single currency, could not have come too soon and hopefully we will see some continued Euro strength and some good trading opportunities.
If you are currently holding Euros and want to talk about how and when to exchange them feel free to call me, Stephen Hughes, at email@example.com. Equally if you need to buy Euros and want to get a rate secured before it falls too far from the recent 18-month highs get in contact with me as soon as you can.