Greece has passed a vote in Parliament which paves the way for the next tranche of bailout funds. The immediate reaction has been to strengthen the Euro although I think many expected this to pass off uneventfully.
Interesting events this week are contained within the UK Unemployment figures due Wednesday. Last week it was announced the Bank of England will give the interest earned on Quantitative Easing to the Treasury, some £35 bn in total scheduled in payments. This will help the Treasury in its aim to cut the budget deficit although we will learn more on Tuesday with the Bank of England Inflation Report.
Whilst it has started to fall, GBPUSD is still not to far off the magic 1.60 level and GBPEUR is flirting with 1.25. These represent excellent buying opportunities and with sterling looking likely to have a tough week ahead anyone with an interest in the pound would do well to take stock of current rates.
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