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IMF Wants to Give Greece More Time Despite Record High Unemployment
Wednesday’s headlines have once again been dominated by Greece, following yesterday’s reports that the country’s unemployment had hit record highs at 25.1%. Head of the International Monetary Fund (IMF) Christine Lagarde has backed calls for Greece to have more time to meet its repayment targets, a statement which has been rebuffed by Germany who feel they ‘have to stick to what was announced’. Greece has asked for 2 more years to meet these targets but how can anyone within the eurozone have confidence that an extension will provide a solution, when it hasn’t up until this point. Many will ask the question as to why Greece was afforded Billions of euro, which could have potentially been used to better effect elsewhere. Especially when it seems to have made little difference to the countries standing and their ability to move themselves away from their crippling econmic situation.
The EUR had continued to perform well against GBP during Friday morning’s trading but these gains were erased following the announcement by Lagarde and at time of writing Sterling had broken back through 1.24, providing those holding Sterling with some respite following a poor week on the markets.
EUR/USD rates have continued to stay fairly level, staying range-bound between 1.29-1.30 as the markets wait for developments in Spain and Greece and the outcome of the US elections, which should bring some renewed confidence back to the USD.
EUR/AUD rates have been improving of late as concerns over Australia’s growth prospects have come to light following the slowdown in China’s demand for Australia’s raw materials. The Royal Bank of Australia have hinted at further interest rate cuts and the AUD has started to come under pressure against most of the major currencies.
This market uncertainty can be difficult to digest, especially if you have an upcoming property purchase or sale and are looking to transfer funds but are worried that market movements will ultimately leave you short changed. Here at Foreign Currency Direct plc we have multiple contract types all tailored specifically towards our client’s needs. One of our most popular types is our forward contract, which allows you to lock in an exchange rate even if you do not have the full funds available. This is perfect for anyone looking to eliminate risk from the market but still take advantage of our award winning rates. If you would like more information please contact me directly at [email protected] or on 01494 787 478.
2012-10-12 22:00:13
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