It hadn’t even been a week from the last ‘resolution’ in the euro debt crisis and again alarm bells are ringing. The German Finance Minister yesterday stated that Germany would not keep bailing out indebted eurozone members. This was in addition to news that Cyprus had had it’s debt rating cut. Today we have had further bad news with Spain’s credit rating beuing threatend with a downgrade.
I don’t know exactly where all this is heading but it certainly isn’t boding well for the euro! Whilst the euro has weakened yesterday and today, there is still a risk that any major event won’t necessarily be of benefit to the GBPEUR rate. This is because any major event could weaken the pound since the UK has massive exposure to euro debt. If suddenly the debts could not be paid back that would harm UK banks, and the UK economy, and the pound.
If you have any euro currency exchanges to make why not get in touch to see if I can help get you a better deal? I work for an award winning specialist currency broker and have never had any trouble beating not only the banks but other brokers. If you would like to find out for free if there is a cheaper alternative to moving money internaitonally why not call me on 01494 787 458. Alternatively e-mail me at [email protected] . Please make sure you ask for me and quote GBPEURO Forecast for preferential rates!