Time is a funny thing. It can work in your favour and it can work against you. The American Founding Father William Penn said ‘Time is what we want most, but use the worst’. For Greece their time looks to be slowly coming to an end. If you are buying and selling Euros how can you use your time the best?
Greece Interior Minister Nikos Voutsis has stated Greece cannot afford its 5th June €1.6bn payment. Should we believe this? Well it is becoming clear the Greek ministers are becoming very good at playing the media. Varoufakis the Finance Minister has become very good at this to the point of being overlooked. It is perhaps becoming a case of the boy who cried wolf for the Greek government.
It would appear that Greece will have to massively renegotiate its position within the Euro at some point but I do not think this will be happening for a few more months. More payments are due and I expect the Euro will rise and fall to the headlines, weakening before deadlines and rising once met.
Getting the best deal in such uncertainty is tricky but not impossible. Utilising options like a ‘Limit’ order will guarantee your rate if it is hit whilst a forward contract means you can secure all the currency you need even though you may not have all the funds. For clients selling a property in the Eurozone you can fix the price in advance removing the risk of rates moving further away from you.
The gamble in such a market is to do nothing and just hope everything will go your way. To speak to a specialist about all of your options please email me Jonathan on email@example.com