Euro (€) Currency Thread

JasonLVC

I think Inspector is somewhat busy looking after his poorly (but very brave) daughter - he did mention her on this thread a whileback, so I'd imagine this thread is not a priority for him, which is totally understandable.

In the meantime, I receive a daily currency update from CaxtonFX. Here's today's :-


STERLING/EURO


Sterling made strong gains against the euro yesterday, springing above 1.16 as the problems in Greece continue to hamper demand.

• Despite a bailout being agreed, the market remains unconvinced that Greece will be able to implement its side of the deal leading to austerity measures coming up short.
• Unsurprisingly, there are rising levels of unrest in Greece as the government attempts to enforce a series of harsh cutbacks, and there are fears within the market that the Prime minister could be forced to concede.
• Fears are also abounding about the fiscal stability of Spain and Portugal. They are both obliged to help bailout Greece which is adding to their own precarious position.
• Once the North American markets came online the pound made a sustained pass through 1.16, and is continuing to edge higher this morning, with the price now at 1.1675.
• The UK currency is now trading at an eight-month high. Although there are some second tier figures out from both the eurozone and the UK, sentiment towards Greece is likely to continue dictating direction and we expect sterling to remain at these levels through the day.

Sterling / US Dollar

Sterling slipped back over a cent against the US dollar yesterday as the lack of confidence in the Greek bailout gave rise to broad risk aversion.

• The US currency is continuing to benefit from its safe haven status with the fiscal problems in Europe bringing about strong demand for safer assets. This enabled the dollar index to hit a 1-year high yesterday, and briefly touch a five-week high against the pound. A raft of strong figures from the US economy recently is also bringing about speculation that the Federal Reserve could raise interest rates before the end of the year, which is having a positive effect on the dollar. Additionally, underpinning the pounds weakness against the dollar is the continuing caution ahead of the election tomorrow, and we do not expect to see sterling gain consistently against the greenback until the results are in. In the US today, markets await non-manufacturing data and an early unemployment figure, which are both forecast to show improvement on the month, though are unlikely to have a big impact.
• The pound is edging again edging lower this morning, and at present the pair is trading around the mid 1.51s.

Euro / US Dollar

The euro fell steeply yesterday, losing two cents against the US dollar as a risk adverse attitude in global markets drove investors into safer assets.

• The US dollar reached a fresh one year high on continued worries about the single currency. It is clear that investors are not convinced that the Greek bailout is enough to stem the issues in Greece or in other eurozone countries. Bond yields from Spain to Portugal and Ireland climbed again yesterday on speculation the crisis that began in Greece is spreading. It appears that the situation is now proving to be a threat to the stability of the European Monetary Union as a whole.
• In trading this morning, the single currency is continuing to drop. The price is now at 1.2950 as fears about potential default grip investors, with the dollar remaining the chief beneficiary of the rising risk aversion.

DaMaNiAc82

Back over €1.17 again

JasonLVC

The money markets, at least, seem to like the concept of a Tory victory tomorrow and the Greek crisis is making a lot of currency bods nervous on the Euro, for now.

inspector_monkfish

1.1750 trading

waynehayes

Through €1.18...

Voyager2002

And today, after the bomb in Athens and strikes and protests across Greece, the poor pound buys just 1.167 Euro according to XE. Presumably a result of the latest British trade figures.

Tarry

I got an exchange of 1.138 in a cash machine in Boulogne last month and no charge either.

johnpaul74

Hey guys, back on the hunt for currency, except this time its euro. On the high street, who is offering good deals?

inspector_monkfish

1.1690 trading

bullinn1

Could someone please confirm this old fools decision ... I have a Nationwide Gold card for shopping in Spain, that always seems to be OK and figured I'd open a Nationwide Flex account to withdraw cash ... I need about £2,000 ... I depart in 2 weeks time. OK it means several trips to the atm whilst I'm on holiday but I THINK the euro's going to weaken a little against the pound and would rather not buy Euros now (I was thinking Crown Currency) ... any advice very welcome (sorry, this is not a request to confirm my predictions ref. the Euro more a confirmation that my atm route for cash is reasonable) ! .... many thanks Roger