Cyprus Issues Return To The Headlines

Today the finance ministers of the Eurozone are due to meet in order to discuss the Cypriot bailout following a revelation that the debt laden country may need more money than previously thought. The cost of rescuing Cyprus has risen by approximately €6 billion which will raise the question as to whether Cyprus can remain in the Euro. It was a difficult enough for Cyprus to come to an agreement to raise the first amount of money but now that amount has increased we could see further debate surround the viability of Cyprus remaining in the Euro. Should the meeting today result in Cyprus needing to find more money through further austerity cuts it could place further pressure on Cyprus which may result in them defaulting and being declared bankrupt. However, the previous talk of bank levies and austerity in Cyprus pushed the country to the brink but both EU leaders and the ECB managed to avert the danger (for the time being anyway) and I believe that as they and the country itself went to such lengths to stay in the Euro I would be surprised that they would let Cyprus go now and so I imagine that we will see the extra money found, even if it is drawn out for a few days. If this is the case then we could see Sterling Euro rates remain volatile over the coming days but with the likelihood that it will settle down once the issues are resolved.

If you need to buy Euros then the news in Cyprus could have major implications on your currency transfer. We have often seen that every time some news or economic data is released that it can have an impact on the currency exchange rates and with Cyprus a key issue for GBP/EUR exchange rates the comments and rhetoric from today’s meeting could set the tone for the exchange rate movement over the coming days and possibly even weeks. So, to keep in touch with the latest news make sure you inform one of our experienced currency brokers here at Foreign Currency Direct plc of your currency requirements and they will happily keep you informed of the latest news, they will act as your eyes and ears on the currency markets.

USD Currency News

Today we have a number of economic data releases due for America which could lead to a busy day for the US Dollar (USD). Starting at 12:30 we have Producer Price Index figures which will give an insight into the American manufacturing sector while at the same time we also have US retail sales which will highlight how well the US high street is performing. Both of these are key parts of any economy and therefore the figures could lead to USD movement, should the figures be positive we could see USD strength but any negativity could weaken the Dollar leading to some good opportunities to buy Dollars today.

If you need to transfer money abroad and you are looking for exceptional exchange rates make sure you speak with us today. We will be happy to discuss your currency requirements and the different contract options that are available to you. With our friendly and experienced currency brokers you will also receive up to date market information which will help you make informed decision on when to transfer your currency. To speak to one of our dealers you can call us on 01494 849752 or alternatively you can email me on