It has been announced this morning by credit ratings agency Moody’s that they have downgraded 6 German banks including the countries second biggest lender – Commerzbank and have also downgraded 3 Austrian banks, they have however decided to delay a decision on Deutsche bank. Moody stated that the reason for the downgrade was driven by increased risks of further negative news coming from the Eurozone especially with Greece and Spain in major economic difficulties. This news puts further pressure on the Eurozone and therefore Euro exchange rates as the fact that it seems Germany is being more heavily effected by the Euro debt crisis and as the German economy has been propping up the Eurozone for the majority of the debt crisis any significant weakening of their banking sector or their economy as a whole could cause further much larger problems than we have seen before. So, if you need to buy Euros make sure you stay in close contact with your currency broker at Foreign Currency Direct plc so they can keep you informed of any market movement.

Figures from Australia have shown that their economy has expanded by more than expected, in fact the actual figures were more than double. We have seen recently how demand from China can have a profound impact on the Australian economy and any fall in this demand can have a big effect on the Aussie economy as a whole and Australian Dollar exchange rates. However, despite a recent drop in Chinese demand the fact the Australian economy has shown growth does show that despite some concerns Australia is well positioned to sustain growth.

With so much uncertainty in the global economy it is more important than ever to stay in close contact with your account manager here at Foreign Currency Direct so they can discuss your currency requirements and all the options available to you so you can make the most informed decision of when to trade. So, if you are looking for the best exchange rates when transferring money internationally speak to us today. You can call straight through to our trading floor for free on 0800 328 5884 or email trh@currencies.co.uk