Good Morning. The tradition of smashing plates in Greece has been entrenched in Greek culture for generations. It can be considered a symbol of anger, a classic part of domestic disturbances. In global economic terms, it is the Greek economy that is at risk of being smashed to pieces. Sterling once again strengthened against the Euro amidst serious concerns on Europe’s ability to sort out the ever mounting sovereign debt crisis. There is real widespread consensus now that the hapless Greek’s will be unable to pay it’s debt, and default seems a foregone conclusion. “Euro/sterling could see a bounce towards 87.50 (pence) if we see continued dovishness from the MPC,” said Lauren Rosborough, currency strategist at Westpac.
GBP still remains close to it’s lowest levels in a year against the USD amidst a bleak ecomonic outlook. There was some nice data out of the UK on Friday which highlighted a substantial increase in mortgage approvals, up 14 % from last year. A whooping 35,226 new loans to buy homes were granted. Expect more housing data to come out this week so make sure you compare international money transfer prices at MyCurrencyTransfer.com to secure the best deals.
CURRENCY RATE OVERVIEW
EURO/GBP – 1.1517
US$/GBP – 1.5456
CHF/GBP – 1.4044
CAN$/GBP – 1.6005
AUS$/GBP – 1.5994
ZAR/GBP – 12.8145
JPY/GBP – 117.97
HKD/GBP – 12.0527
NZD/GBP– 2.0122
SEK/GBP– 10.7488
US$/EURO- 1.3406
If your currency pairing is not listed above or you want to make an international money transfer, check out our comparison tables at www.mycurrencytransfer.com
Expect a quiet week for global economic data. The markets seem far too busy in the direction of share prices following the dramatic events of last week. With billions knocked off share prices globally, we all wait in anticipation to see what steps the government are going to take to deal with this crisis. If you have a business with a degree of currency exposure, it is well worth checking out our foreign exchange comparison tables and getting in touch with a specialist who can mitigate against exchange rate volatility.
Elsewhere:
- NZD falls to it’s weakest level in six months against the Japanese Yen. A report highlighted that the country’s trade deficit was wider than forecasted
- The rand weakened 4.5% against the US dollar.
- Yen is strengthening off the back of economic instability. Remarkably, the Japanese currency has appreciated 11.4% in little over three months
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