This Euro rate report looks at the factors that could affect EUR exchange rates this week, specifically discussing how the situation in Greece is currently unfolding. For current interbank exchange rates visit our live exchange rate page here.

Euro Gains on Better Greece Outlook

The Euro has received some support after positive meetings involving Greece and its debt and whether more funding will be made available.

As it stands the country will go bankrupt in July if it does not have access to more bailout funds although in the current climate this would be highly unlikely. The comments from Greek Prime Minister Alex Tsipras have been extremely positive after 6 years of austerity and even noises from Germany have been incredibly upbeat.

Germanys Finance Minister Wolfgang Schauble has permitted talks on debt relief to start which has up until now been completely off the table which is a huge shift with pressure from the International Monetary Fund.

The ongoing Greece bailout comes at a time where the EU is seriously challenged with the refugee crisis, the prospect of Brexit and the growing popularity of far right parties through Europe. With an EU referendum in Britain too close to call the last thing the EU needs is for Greece to blow up again which could so easily affect British voter’s choices. If Greece continues to take the medicine of austerity without too much fuss, then it seems likely there will not be the high drama that we saw last year that nearly resulted in Greece withdrawing from the EU. As such a smooth agreement should help the Euro see further gains. EU Industrial Production figures are released this morning whilst EU GDP numbers are released tomorrow both of which could create some market movement.

I hope you found my Euro currency update helpful, if you have any questions about exchange rates or currency transfers I would be more than happy to help – you can contact me with any queries at jll@currencies.co.uk or 0044 1494 725353.

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