Germans To Rule On Fate Of Eurozone
12 September, 2012
The US Dollar is still struggling from some very negative jobs figures last Friday, coupled with an upcoming election and some overseas troubles with US embassies and consulates under attack in some Arab countries following a 9/11 remembrance documentary, that apparently painted the prophet Muhammad in a less than positive light.
The Euro has had some slightly more positive data, including increasing German inflation in the last 24 hours, which have allowed the single currency to take advantage of the weak US Dollar, as the biggest worldwide alternative, and to gain significantly across the board.
This means for Pound pairings that we have the best rates for buying Dollars since April of this year, and the best rates for selling Euros since June.
Today sees some very heavyweight announcements, with the Dutch Parliamentary Elections expected to show a significant move in favour of parties who would like at least a drop in aid to weaker Eurozone partners or even an exit from the EU entirely. Followed by the preliminary ruling from the German Constitutional Court on the ESM and the fiscal compact, with the Germans the biggest contributors, their courts now get their say. The Europeans also release some industrial production numbers, and in the UK we have the monthly unemployment figures. There are various releases from the US, but nothing too critical, and the big news down under this evening is the Reserve Bank of New Zealand making their monthly policy announcements.
So all in all lots of potential movements, depending on the way these decisions and announcements go – make sure you keep in close touch with your CI account manager if you have an upcoming requirement, and if it is Euros or Dollars you need, make sure you are considering gift horse’s mouths, and gaining inches and losing miles very carefully…
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