Currency news from over the weekend – Swiss Franc to be devalued again and Icap open their Drachma dealing desk again!!

GBPEUR rate remains steady as markets await the Autumn Budget

Good morning to all regular readers and indeed if you are here for the first time!

Not a mad weekend for news as I feel much depends on the European meeting towards the end of this week, however there were a couple of points of note that you may wish to be aware of.

Swiss Franc followers – especially if selling Swiss Francs should be aware that I saw an article over the weekend saying that the SNB (Swiss National Bank) may look to devalue the CHF once again this week, last time we saw this happen the CHF lost around 10 cents against GBP in a matter of minutes, not good news at all if you are looking to bring money back for a property sale, wages or business transactions.

Along with this, Euro followers – Especially those involved with Greece may wish to know that Icap  ( one of if not the largest Bank trading company) have made steps to reopen their Drachma desk…… Now there is no smoke without fire and this particular rumour seems to be smouldering consistantly, as mentioned in py previous post on selling euros I don’t think this presents a time for huge panic although you do certainly need to start putting some protection plans in place should things suddenly take a turn for the worst.

If you have Euros to sell yet have not yet completed on a currency transaction then do feel free to contact me regarding a range of different contracts we can offer to protect you from adverse market movements – email me directly djw@currencies.co.uk and I shall be happy to help.