Sterling exchange rates hold firm

GBPEUR Rejected by 1.17 Price Level Again

The pound has suffered as the Greek crisis continues.  Fears have surfaced for some investors that if the problems spreads through Europe, it could damage the UK’s financial sector. Some are even concerned that we could see a down grade of the UK’s credit rating.  Although we are in very different circumstances to Greece (our debt is lower as a total of GDP and financed on a longer term), we have heard speculation in the past that the UK could be down graded.

In my opinion a downgrade is unlikely and improving economic performance should prevent the UK from slipping back toward credit rating problems. From an exchange rate point of view all the speculation is causing market volatility with GBP EUR having moved 0.76% form the hi to low already today.

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