Greece’s deficit is almost double the official amount acknowledged

Published on in Foreign Exchange News by
The Euro opens weaker after a weekend of mixed press reports across the Euro Zone.

Portugal’s Prime Minister suggested he could soften planned tax hikes amid demonstrations and public outrage. While in Germany press reports stated that Greece’s deficit is in reality almost double the official amount acknowledged as French President Hollande calls for Greece to be given more time. This all comes ahead of Spain’s official bail-out strategy that was rumoured last week and is supposedly due to be announced at this Thursday’s budget.

Failure to hold above €/$ 1.3000 has in turn seen USD buyers reappear overnight in what appears to be negative news within the Euro Zone. So recent optimism for the Euro rally has stalled but despite this, medium term sentiment remains USD negative.

Sterling is a little firmer against the Euro and a basket of currencies, holding above the $ 1.6200 level ahead of reported corporate selling interest between $1.6250-1.6300.

Main Currency Pairs * Friday Today
GBP/EUR 1.25010 1.25470
GBP/USD 1.62930 1.62050
GBP/CAD 1.58760 1.58850
GBP/NZD 1.95730 1.97020
GBP/AUD 1.55060 1.55730
GBP/AED 5.98300 5.94700
EUR/USD 1.30340 1.29100
GBP/CHF 1.51070 1.51620
GBP/ZAR 13.5046 13.4350
GBP/SEK 10.6084 10.6368
GBP/JPY 126.486 127.182
GBP/PLN 5.20450 5.17050
GBP/SGD 1.98430 1.98990
EUR/PLN 4.16450 4.12970
EUR/CHF 1.20880 1.21100
GBP/MAD 13.8853 13.9163
PLN/EUR 0.24010 0.24210
GBP/CZK 31.1234 31.0542
GBP/DKK 9.31660 9.33380
GBP/HKD 12.5505 12.6057
GBP/HUF 355.425 353.374
GBP/NOK 9.28800 9.29200
GBP/INR 87.9646 86.9413
GBP/THB 50.0194 50.1014

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