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Currency Market News

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Currency news this week 080512
08 May 2012

Recession? What recession? The Pound has been busy shrugging off British economic woes, as currency markets have instead focussed on weak markets elsewhere in the world. Last week saw the best rates in several months or longer, for buying Euros, US Dollars, Thai Baht, Australian Dollars, and Canadian Dollars to name a few.

New uncertainty in the Greek government and anti-austerity parties gaining popularity, along with a new socialist government in France, mean that there are rumblings of more political problems ahead, with the delicate accord over spending cuts now looking likely to be stretched to the limit in the coming months. Chancellor Merkel has already fired a warning shot to Greece, where there may be further elections, casting doubts on the government's willingness to stick to the austerity measures already agreed as part of the recent bailout. Spain, of course, has its own debt problems bubbling under as well.

In the USA, key jobs data on Friday showed fewer people gained employment than expected, keeping the US Dollar weak against the Pound too. Further afield, a surprise 0.5% cut in Australian interest rates helped the Aussie lose value and keep exchange rates for sending AUD relatively good.

This week, the busiest day looks set to be Thursday, when we have key data out in the UK, Eurozone, USA and Japan, so all 4 of the world's major currencies could be in for some volatility. With the ongoing political situation across Europe becoming ever more complex, consider taking advantage of the current strong Pound if you need to send money abroad, as we have seen in the past that the situation can turn round very quickly.

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