Greek debt decisions today
26 November, 2012
Today’s headlines are again dominated by Greece – as European ministers today will finally try to agree some repayment details before money is released to the stricken Greek economy. There is still some argument as to whether some parts of the funding will be repaid in full and by when, but if the IMF And Eurozone finance ministers can agree terms today, then the bailout will be ratified.
This of course could have major implications for the Euro rate. The single currency has been strengthening for the last few days as an agreement nears, and we would expect to see Euro strength when the bailout goes ahead, giving worse rates for sending Euro payments. Of course, whether the Greek economy becomes sustainable or not over the coming months will do a great deal to determine the future of the Euro and its price, but short term strength seems likely.
Elsewhere as we head into the last week of November, the main UK data due out is tomorrow’s second reading of Q3 GDP. There has been speculation recently that the UK economy may fall back into recession in Q4, so any downward revision in the Q3 figures would be likely to fuel these rumours and hurt the Pound.
We also have German inflation, GDP in the USA, Switzerland and Canada, and Eurozone unemployment in a busy week which is likely to be volatile. Contact us at Currency Index if you would like to be alerted to any particular movement in rates.
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