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The Euro came back under fire yesterday as both Greece and Cyprus received a cut in their credit ratings. The Greek situation is still far from over despite last week’s bailout package being agreed. Greece looks set to enter into a ‘selective default’ and it looks only a matter of time before further requests for bailouts are received.

This news eased pressure on a somewhat ailing US Dollar yesterday, but until the US debt ceiling is increased the Dollar will be prone to further weakness in the very short term. It wouldn’t surprise me in the least to see the Dollar easily give up some of yesterday’s gains today and continue on a rollercoaster ride until this issue is put to bed.

Sterling has managed to steer itself past the negativity surrounding UK growth this week and is keeping itself out of the limelight at present. As we reported a short while back Sterling is a little reliant on weakness in other currencies to gain ground, but with all the negativity surrounding the Euro and Dollar at the moment it looks likely that Sterling may be able to gain a small amount of ground over the coming weeks.

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