Euro exchange rates have fallen by nearly 1% against the USD and continued losses against the pound as concerns about the European banking system moved investors away from riskier assets and to the relative safe haven of the dollar. This has brought levels back close to the 5 year high for USD/EUR seen just last week and created some fantastic opportunities for those selling dollars to buy Euros.
Through the last few days rumors have grown about the way forward for the “failing euro.” These vary from Greece leaving to Germany printing Deutsche Mark’s in case they leave. These have weakened the EURO against most currencies including the pound and the dollar, and concerns are rising about when it could stop. This week’s data to watch out for are Germany Consumer Confidence on the 27th which will move the markets. However clients looking to make a transfer with Euros should be wary about the future of the Euro.
I would not be surprised to see the volatile continue which will provide you with opportunities to both buy and sell at the optimum point. If you would like more information on any point mentioned on this website please enquire on the right of this page and one of our experts will be in contact.