Since my last post on Tuesday, Sterling/Euro rates have fallen from €1.42 into the €1.38's, caused by the Euro gaining strength.
There are several factors that have caused the single currency to gain. Firstly the news that Greek Prime Minister and Syriza leader Alexis Tsipras stood down on Thursday, paving the way for new elections. This seems to have been taken as a positive move for the Euro and last night the rate starting slipping away. This continued this morning when German and European inflation numbers were better than expected, coupled with worse than expected UK Public Sector borrowing data.
As you can see from the chart below, in the last week the rate has been in steady decline. With a resolution to the Greek debt crisis, and decent EU economic data, this could well spell the end of the record 8 year high GBP/EUR exchange rates we have seen recently. It’s good news however for those selling Euros, with a typical conversion of €250,000.00 netting £4500.00 more in just a few days.
China Slow down affects currency markets
Elsewhere, the slowdown in China continues with stock markets there dropping again. This affects other global currencies because China is such a huge economy. Countries like Australia that export to China are suffering, and so the Aussie Dollar has weakened recently. The US Dollar benefits and gains strength as investors become risk averse and seek safe haven currencies.
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