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Euro showing signs of weakness

Daily Global Currency Exchange Network, News: 28th September, 2010

Is the EURO in trouble?

Pound Sterling: There was a brief moment, yesterday, when the British Pound gained considerably against the euro. GBP / EUR topped 1.20, but faded fast earlier this morning. As I write, GBP/EUR is 1.781. If you have pounds, and wish to buy euros, contact fx-foreignexchange and place a limit order as the rate seems likely to bounce a little today.

The IMF has commented that the UK economy is “on the mend” and has backed the Government’s plans to cut spending. More importantly, the IMF also said that they believed the UK economy would recover at a moderate pace. Good news for the Pound.

Euro: The euro has dipped a little on the foreign exchange market, against the US Dollar. There are fresh concerns about the Eurozone banking sector. This seems to be having an effect on other major foreign exchange rivals. For example, the EUR/JPY has dropped from 113.80 on Monday to a session low at 112.65. The EUR/GBP has has a catastrophic drop overnight, with a reasonable recovery in recent moments.

Adding to the euro’s woes, is an announcement that the Anglo Irish Bank’s status is cut to almost “junk” status, amid concerns that the cost to bail out the lender would amount to more than one fifth of Ireland’s GDP!

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