Currency Rates

EURO/GBP - 1.139


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So the UK general election is set for the 6th May 2010. This at least removes one uncertainty and after an initial loss of ground for sterling against the euro and the US$ it managed to strengthen. But given the likely ebbs and flows in the various parties’ fortunes over the next few weeks and the possibility of a hung parliament, it does mean that we are entering a period of high volatility for sterling. This morning we see sterling holding its own, close to 1.14/£1 and over the US$1.52/£1 level. But as I note this is a period of high volatility so expect to see rapid movements wither way and as such best to give us a ring as early as possible or risk losing out.

The euro suffered from uncertainty over the Greek government debt rescue package. Mixed reports in the press saying that the Greek government wanted to renegotiate the deal and that rich Greek nationals were moving their money to offshore institutions. The net result of this is that the yield on Greek government debt continues to rise which is a sure sign that the market is “worried”. What are the alternatives? I think we have two extremes. Either the euro zone gets a comprehensive solution to this type of scenario that suits all euro zone countries or Greece leaves the euro zone. Until this uncertainty over Greece is resolved it is going to be very difficult for the euro to gain ground especially against the US$. So whether your sending money abroad or receiving euros into the UK give us a ring because moves can be very rapid.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx