Euro Buyers are making hay whilst the sun is shining

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The Greek government announced yesterday that it will miss the deficit reduction target demanded as a condition of further bailouts payments. Its latest budget plan indicated a deficit of 8.5% of GDP this year, missing the 7.6% target agreed with the IMF and the European Union.

The Euro was already under pressure on Friday after the release of weak German retail sales which added a grim outlook for the German economy. This reading raised severe doubt on the bailouts over reliance on Germany. Their retail sales dropped by 2.9 percent in the month in August, one of the most significant drops in more than four years.

This news has pushed the Sterling-Euro rate above 1.16 for the pleasure of all the Euro buyers who are looking at the recent events with mixed feelings. The Euro-Dollar took also a hit to 1.33 levels.

Greece has agreed a controversial austerity plan and the Eurozone finance ministers meet today in Luxembourg to analyse if the Greek measures are enough to secure a further €8bn bailout. In any case, there is a growing sense on financial markets that Greece will struggle to avoid a default over the long-term.

The markets will also keep their eyes on the ECB rate decision on Thursday. Some analysts have predicted a cut in the rate of as much as 50 basis points or 1 per cent. However the preoccupation with inflation in the Eurozone, last week it jumped to 3 per cent, will probably avoid any cut for now.

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Euro Buyers are making hay whilst the sun is shining

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