Eurozone prefer Greece to remain in the Euro

Published on in Foreign Exchange News by

All member states agreed that they would prefer Greece to remain in the Euro, but failure to meet the fiscal terms imposed, would result in a strong possibility that they may depart. Either way the Greeks will decide next month at the polls after which the member states will reconvene.

There is now growing support by EU members (even Germany) for growth stimulus within the austerity programmes introduced over the last year by member States. This comes despite the continued clashes between German Chancellor Merkel and French President Hollande over the Euro Bond issue. Whiles Spain’s second largest bank, Bankia, was bailed out by the Spanish government, as the banking crisis there adds to the Euro’s woes.

As a result the Euro has now hit a two year low versus the USD as Sterling opens back above € 1.2450 after its sell off earlier this week, as well as firmer against a basket of currencies. As the USD is the main beneficiary, the Pound technically could trade lower on a weekly close below $ 1.5700.

Unsurprisingly both stock markets and commodities are weaker.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24250 1.24720
GBP/USD 1.57150 1.56720
GBP/CAD 1.60670 1.60760
GBP/NZD 2.09980 2.08610
GBP/AUD 1.61290 1.60840
GBP/AED 5.78330 5.74030
EUR/USD 1.26460 1.25670
GBP/CHF 1.48520 1.49320
GBP/ZAR 13.0211 13.2254
GBP/SEK 11.2390 11.2637
GBP/JPY 126.116 124.462
GBP/PLN 5.35380 5.42890
USD/PLN 3.39100 3.44970
EUR/PLN 4.32960 4.36700
EUR/CHF 1.20110 1.20110
GBP/MAD 13.6934 13.7459
PLN/EUR 0.23100 0.22900
GBP/CZK 31.2774 31.6944
GBP/DKK 9.18970 9.23870
GBP/HKD 12.2609 12.2215
GBP/HUF 367.318 375.435
GBP/NOK 9.36260 9.41450
GBP/INR 87.3797 88.1365
GBP/THB 49.5437 49.5885

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