Euro weakened due to International Monetary Fund

mar bonnin palmer

The Euro has weakened after an outline from the International Monetary Fund (IMF) of an ambitious eurozone rescue plan is taking shape. The shakeup is expected to involve a 50% write-off of Greece's massive government debt and a huge increase in the size of the eurozone bailout fund to 2 trillion euros (that’s twelve noughts).

Writing off such a large proportion of Greek debt will leave many economies at risk, Sterling has been seen as vulnerable given the close ties between the UK economy and the UK banking sector however this is being over shadowed by French banks who are entrenched in the Greek tragedy.

The US dollar has strengthened after investors are being driven back to safe haven currencies. The euro zone crisis coupled with weak Chinese manufacturing figures and shaky commodity figures has left the USD with gains and the Bank of Korea has become the latest central bank to step into the money markets in a bid to stabilise its currency.

All the uncertainty has made it an excellent time for NZD and AUD buyers and clients looking to sell Sterling to buy Euros are taking advantage of the rates tripping over the 1.15 mark. Many clients are finding out about market orders which enable them to set a target rate for changing their money and even if the pre agreed rate is hit for a short while at any time of night or day it will be automatically exchanged. This means that clients don’t miss out on volatile markets; the service is free and you don’t need to have all your funds available to take advantage of it.

To get the best exchange rate and find out how you can save time and money when transferring money contact Moneycorp on +44 (0) 20 7828 7000 or via comparemoneytransfer@moneycorp.com

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