Well it is the news story that just won’t go away.. the European Debt Crisis.. which is slowly becoming the global Debt Crisis.. The Organisation for Economic Cooperation and Development (OECD) yesterday warned of a Eurozone about to enter recession and also warned of the wider risks to the UK and the rest of the world from inaction in the Eurozone. The most important thing I felt from the OECD report was the recognition that responses to the crisis were ‘behind the curve’, i.e doing too little, too late. As the largest Euro member politically and economically, I would not be suprised to see further pressure on Germany and perhaps some kind of policy response to the ongoing pressures in the coming weeks.
This could quite easily lead to Euro strength as new policy announcements are made. It is very significant that the German bond auction of last week was majorly undersubscribed and this could be the wake up call the Germans need to get this moving. Eurozone leaders are also meeting today to discuss the expansion of the bailout fund so it can help Italy or Spain. I expect some Euro volatility, currently the Euro is down against the pound, but up against the dollar.
Amidst these political decisions there are also some economic indicators that could shape the rate today. If you are looking at making any trades today or in the coming weeks please feel free to contact me personally on email@example.com or +44 (0) 1494 787 458. Rates move every two seconds so don’t get caught out hoping things will move in your favour.
GBPEUR – Most importantly we have Chancellor George Osborne’s Autumn statement at 12. We have already had Nationwide house Price data for the UK showing a small improvement in house prices in the UK for the last month, helping the pound to climb slightly against the Euro.
EURUSD – Despite the uncertainty today’s talks do offer some respite in the recent uncertainty and the dollar has weakened a touch as investors move to other assets, the ZAR, AUD and Kiwi being some of the main beneficiaries yesterday. EURUSD has improved a touch on the back of hopes some kind of solution will be achieved.
If you have any currency transactions to make, today could well throw up some volatility that could cause movements for or against you. To be kept up to date of all the events that will affect the rate of exchange you secure please feel free to contact me personally on firstname.lastname@example.org or +44 (0) 1494 787 458.
As well as writing the blog I work for one of the UK’s leading foreign exchange brokerages and can help secure the very best rates of exchange. I have never had any trouble beating not only the banks but also other sources and moreover, our sepcialist service is designed to further enhance your rate of exchange by working with you to determine the best time to execute your transactions.
Once I know what you need to do and when we can start to look at the necessary strategies designed to maximise your rate of exchange. Please quote JMW and ERF.
I look forward to hearing from you.