Home > Resource Hub > Daily Market News > The EURO remains weak against USD and GBP

The EURO remains weak against USD and GBP

The EURO remains weak against USD and GBP

10 year Spanish Bond Yields have this morning hit a Euro era high of 6.57%, this is despite evidence that the ECB was yesterday involved in the purchasing of Spanish and Italian debt. The role of the ECB within the Bond Markets was yesterday the topic of disagreement between Europe’s two biggest economies France, whose ‘AAA’ credit rating is under threat due to increasing bond yields, and Germany.

France’s Budget Minister Valerie Pecresse stated that ‘the ECB’s role is to ensure the stability of the EURO, but also the financial stability of Europe. We trust that the ECB will take the necessary measures to ensure financial stability in Europe’. These views were later echoed by the French Finance Minister Francois Baroin. Meanwhile, German Chancellor Angela Merkel and Finance Minister Wolfgang Schauble, announced that ECB involvement was forbidden under European Union rules.

Sir Mervin King supported the German view stating that it was ‘not the job’ of the ECB to bail out the Euro Zone. He suggested that Germany should be using its own fire power to solve the crisis through making the appropriate transfer of funds within the Euro Zone. Finally the ECB has stated that it’s up to the Euro Zone leaders to solve the crisis. Worrying news indeed as the leaders, seem unable to bring 17 different electorates together on a common course, towards closer integration. As shown by the Finnish Prime Minister, Jyrki Katainen, who yesterday stated that ‘AAA’ countries should be given a greater say within the Euro Zone.

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.

Currency UK will then offer you the best exchange rates available and ensure that you subsequent international transfers are handled as quickly and as efficiently as possible.

Contact us now on +44 (0)20 7738 0777 or click here.

Share this case study
Set yourself up in minutes, make payments the same day: it’s free, easy and without obligation.