The President of Cyprus has today announced that they will be staying in the Euro. The financial situation in the country seems to have been kept contained and Cyprus has received its EUR10bn from both the EU and IMF. After a troubled two weeks where we have seen GBPEUR exchange rates increase by 2% since March 15th when the Cypriot banks shut we could now see a sharp strengthening of the single currency against both Sterling and the US Dollar. Cyprus has avoided bankruptcy and this could be an end to the problems at least in the short term for the island so anyone with a currency transfer involving Euros should consult using a currency broker who will explain the options available and how they can save you money compared to using a bank to exchange currency.
The S&P index has closed at a record high as well as the Dow Jones following the good news about Cyprus so my feeling is that we’ll see Euro strength very quickly after the Easter break.
The US has today published positive growth figures as revised Q4 data shows the US actually grew at 0.4% compared to the previous estimate of 0.1% growth so again expect the US Dollar to have a good start to April.
If you would like to be kept updated or have an imminent currency requirement and would like more information to hep you decide when to exchange your currency feel free to email me directly Tom Holian [email protected] and I’m confident I can be of assistance to you.