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Currency Market News

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Currency News This Week 180612
18 June 2012

It has been a good weekend for Greek prospects of staying in the Euro (and indeed the Euros after their surprise victory over Russia). The pro-bailout New Democracy Party has gained enough votes to form a coalition with the socialist party Pasok, meaning that Syriza, which would have rejected the EU bailout prompting a Greek exit from the Euro, will be left in opposition.

This has far reaching consequences for the world economy, and is seen by analysts as the least-bad short term solution. Once the bailout goes ahead, the Eurozone should at least have some time to stabilise, with other indebted economies such as Spain given respite from contagion.

So we could see some Euro strength in the coming weeks, assuming that a period of some stability follows. This is not good news if you are sending payments to the single currency area, and it may be worth considering a forward contract to secure a rate now for payments you have coming up. As a registered client, you can request a no-obligation quote from us at any time.

Last week we saw some improvement for the Pound against the US Dollar, as investors moved money back out of the USA prior to the Greek elections. Exchange rates for buying US Dollars (and pegged currencies such as the UAE Dirham) improved by nearly 2% last week.

This week we have the G20 summit today and tomorrow, and important data out in the UK on Tuesday (consumer inflation) and Wednesday (Bank of England minutes). The Bank of England minutes in particular will give us an insight as to the appetite for further Quantitative Easing in the UK, which the Bank extended this month. If the option of even more QE was discussed in any detail, sterling would be likely to fall.

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