Currency Rates

EURO/GBP - 1.134

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

How rapidly things can change. Up to midday on Friday sterling seemed to be building up a head of steam against the euro but the announcement of the rescue packaged for Greece by the European Central Bank put this into fast reverse with sterling losing nearly 1.5 cents by the opening of the market today. Just shows how volatile the market is and how quickly sentiment can change. Economic data last week wasn’t as good as expected but did show that the economy was continuing to grow and the 1st quarter growth figures will be eagerly awaited next week. This week the main bit of data are the trade figures for February. These are expected to show a reduction from the January figures which means that are exports are catching up with are imports. The movement over the weekend shows how important it is to get in touch so that you can take advantage when rates are good.

So have they found the solution to the Greek government debt problem. The ECB has made available 30bn at an interest rate of 7.5%. Not cheap given where interest rates are at the moment but it should draw a line under the current problems. But what if it doesn’t and what if we begin to see a run on Portuguese or Spanish government debt which dwarfs that of Greece. So we have seen a rapid gain for the euro but volatility will remain high so give us a ring now to be ahead of the curve.

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