GBP stumbles against EUR and USD
The EU agreement on Greece failed to convince markets yesterday. European equities fell almost from the off however US and overnight indices painted a slightly better picture. Hence Europe should open on the same footing. Commodity currencies have hit a ceiling with AUD and NZD in particular meeting resistances.
In the UK, the Bank of England minutes have shown that the MPC members were split on assets purchases which has weighed heavily on GBP, falling from 1.1920 to 1.1870 almost instantly against EUR. The members voted 7-2 in favour of further QE – the market had expected this to be a unanimous decision (markets dislike uncertainty in any direction).
What does this all mean for me? Well buying your EUR, USD, AUD or any other currency at the wrong time could cost you a fortune. There is no crystal ball but Currency UK can give you the information you need to make an informed decision.
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