Currency update Thursday 22nd December

The Euro has weakened yet further this week as the ECB lent 523 banks a record 489 billion Euros on Wednesday. Having strengthened initially, the obvious massive demand for Euro loans led to market negativity, a weaker Euro and once again the best rates we have seen since February for sending Euro payments. Elsewhere the US Dollar has been volatile this week due to Eurozone movements as well as varying US economic data. In the UK, GDP was revised up slightly, while the Bank of England confimed there will be no more QE for the time being, and public borrowing fell for the third month in a row. In all the Pound looks to be finishing 2011 on a relative high, before the new year when we will see what is next for the ailing Euro, the fragile UK economy, and world events all of which promise to make for an unpredicatble and volatile year. Contact us at Currency Index for the latest news and live rates.