Eurozone in the news again this week
24 September, 2012
The last week of September sees a limited amount of important data releases, including the UK GDP revision on Thursday which is the only important figure due out for the Pound. The Eurozone is likely to be in the headlines again, as tomorrow Chancellor Merkel meets ECB President Mario Draghi as discussions on the Greek bailout continue. This morning German deputy Finance Minister, Steffen Kampeter, confirmed that discussions are ongoing about further funding for the European Stability Mechanism, and French PM Jean-Marc Aryault yesterday said that he supported the idea of giving Greece more time to achieve its tough deficit reduction targets, without which it will not receive its vital next tranche of aid allowing it to stay in the Eurozone. Overall there seems to be political determination to keep Greece in the Euro, and while we saw a weaker Euro again last week, there may be an increase in the value of the single currency as the discussions continue – if markets think that the politicians are getting it right and providing a stable economy across Europe once more.
The US Dollar also remains at cheap levels for those of you sending money to the States – with their own additional round of QE 2 weeks ago seeming to have a lingering effect on keeping the Dollar cheaper.
Elsewhere this week we have Canadian retail sales, New Zealand trade balance, US home sales, a German bond auction, Eurozone unemployment, US and Canadian GDP to keep exchange rates moving – so whichever currency you need to buy or sell, contact us for to discuss your options and obtain a quote.
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