The pound has taken losses this morning falling half a percent against the euro and similar amounts vs. the Kiwi Dollar, Norwegian Kroner and other scandinavian currencies, and almost 1% against the Swiss Franc.
Despite these losses sterling is still holding up above the 1.15 interbank level against the Euro and is up for the day against the Indian Rupee, Israeli Shekel, Turkish Lira, Thai Baht and Hong Kong Dollar. if you need to make a transfer to any of these currencies, current rates may provide a good opportunity to secure funds.
The US Dollar has lost ground following poor GDP figures yesterday which came in below expectations and poor unemployment figures. The US currency has benefited from risk aversion recently where investors have purchased dollars as a safe haven investment because of the problems in Greece and the know on effect to bond, and equity markets.
Despite serious concerns being raised over Greece again yesterday (see my post 26/5/11) the Euro has stabilised today and made gains on the pound and US Dollar. Clients looking to sell Euros may want to take advantage of this positive moment. If you have a requirement over the next week or so, it’s worth considering the negative impact that recent problems in Greece Portugal and Italy have had. We could see further single currency weakness in the days ahead.