EU demands more austerity

Sterling has had a good day, with rates better for sending money abroad in most currencies today.

The Euro in particular has weakened, as a European Commission report has said that Greece will have to slash a further5.5% of GDP in spending in 2013, leading to more doubts about the sustainability of the now-signed-off bailout package.

The US Dollar is also cheaper ahead of the Federal Reserve meeting this evening, while exchange rates are better for the Pound against the Australian, New Zealand and Canadian dollars too in trading today.

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