Quiet week for data, but Samaras heads to Berlin

20 August, 2012

Robin Haynes

This week we have very little important data due out, so those of you holding out for a spike in particular exchange rates may be disappointed. For the Pound, public borrowing and GDP revisions in the UK may have some influence, but now we have seen all the interest rate movements, inflation and unemployment figures for the month, we are not expecting any significant economic news.

Sterling finished last week near to its highest levels for a month against the Euro, US Dollar, South African Rand and Thai Baht.

Of more importance this week will be Greek PM Samaras’ visit to Berlin. With tensions between the Eurozone’s strongest and weakest economies mounting ahead of crunch bailout decisions next month, Samaras is expected to ask for more time and concessions for Greece to fulfil its austerity commitments, while Germany appears to be in no mood to throw further funds into a bottomless pit to secure Greek continuation in the single currency. Samaras meets Chancellor Merkel on Friday.

Despite growing calls in Germany for a Greek Eurozone exit, Eurogroup President Juncker was quoted on Friday as saying that Greece would not leave the Eurozone unless it refuses to fulfil any of its reform targets. The crisis rolls on, and continues to dominate currency markets, including knock on effects to many other major world currencies – so whether you are buying or selling US Dollars, Euros, Aussie Dollars or even Tunisian Dinar, call us at Currency Index for an informal assessment of your options to make sure you don’t lose out.