Currency Rates

EURO/GBP - 1.141

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Even though the UK purchasing managers indices for the services sector came in worse than expected sterling held steady. The index was still in positive territory which indicates that the UK economy is still expanding. Also we had slightly weaker demand for an issue of 2015 government debt which must raise slight worries given the level of debt that needs to be raised this year. The politicians are clearly getting up a head of steam by focussing on the upcoming election so please expect increased volatility and it makes sense to ring us sooner rather than later so as to plan properly.

In the euro zone the Greek government debt problem continues with the interest rate on their debt continuing to rise. As mentioned yesterday the Greeks are also withdrawing their money from the Greek banks. Apparently 10% of funds on deposit have been removed since the start of the year. We also had a slight downgrade to the euro zones growth figures for the last quarter of 2009 which showed no growth instead of the slight increase previously reported. But the good news is that we had an upward revision to economic data for March which indicates growth for the first quarter of 2010. So as you can see some contrasting pressures on the euro so please give us a ring as soon as possible to avoid losing out.

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