Sterling managed to hold itself fairly firm after yesterdays Bank of England minutes were released and looks to be building a firm platform to try and reach the dizzy heights of 1.14 again. With the main focus of the market being on both the US Trade Deficit and the Euro zone debt issues there is an ideal opportunity for Sterling to appreciate in value against both in the coming week.
It’s getting to make or break time for the Euro with a last minute deal trying to be negotiated to bail out Greece once again. It seems as though the powers that be are desperate to try and keep the Euro alive by any means possible at present, and the thought that any nation would or could pull out is far from their minds at present. The worry now is that the debt crisis could quickly engulf Italy and then Spain and even spread to France.
The news on a second bail-out may well give the Euro a temporary boost in value but the underlying problems are still there and look as though they will only get worse. Many are describing this second bail-out as a way of trying to paper over the cracks and feel that it will only be a matter of time before the European debt issue rears its ugly head again.
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