We have seen Sterling Euro exchange rates push up to a 16 month high following news from Italy that UniCredit, Italy’s largest bank had failed in an attempt to raise more funds by selling their shares at a massively discounted rate. The bank offered shares with a 69% discount yet the take up was very poor so the offer was pulled very quickly and as a result confidence in both the Italian and European economy was heavily dented. The result of this was Sterling exchange rates breaking through the year high mark against the Euro and therefore some excellent buying opportunities. If you need to buy Euros speak to one of our experienced currency brokers today so they can discuss your currency requirements and all the options available to you.
In other news from Europe the Greek PM has warned that the country might default on its debts in March unless unions accept further salary cuts. This announcement may be the warning for further austerity measures in Greece as the country remains very close to defaulting and therefore leaving the Eurozone. Greece is currently re-negotiating a second bailout which they will need before 12th March and the closer we get to this deadline the more pressure there will be on Europe to ensure the country gets the funding they need, however the last time austerity measures were introduced to Greece they were not received well. It is likely that in the run up to this deadline there will be more volatility in the markets.
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