Greek PM Papandreou stands down – what does this mean for the Euro now?

GBP EUR Exchange Rate: Weekly Review July 16  

Well, it appears that the Greek PM has finally stepped down this morning after what can only be described as a embarrassing week in charge and we now eagerly await what happens next in this saga. The Greek Government are due to agree on the name of a new Prime Minister to lead a unity Government until fresh polls have been held, what is this now going to mean for the Euro?

This can be seen as good news (albeit minor) for the Euro however much now depends on how smoothly and swiftly the next stage takes place and whether it is satisfactory enough to still warrent Greece being helped out with the funds they so desperatly  need… this week is going to no doubt throw up a lot of surprises for the Euro and indeed some great buying and selling opportunities shall arise – the key is being in a position to be able to take advantage of them.

The general feeling is that once things are resolved that the Euro could see strength again as the uncertainty is once again placed on hold until the next crisis pops up – however in my opinion this will only be short term as I will eat my hat if we do not see another crisis pop up, the whole European problem is not something that is going to go away with one resolution and we are assured of some terribly rocky markets along the way.

This is where a limit order comes in handy, set you target rate and if it gets achieved your currency is bought out automatically, there is no cost for this service at all, and you can cancel or amend the order at any point should you so wish. Contact me directly today [email protected] should you wish to have further information on this matter or need to carry out a currency transfer at some point now or in the near future.