Greece approves bailout deal

Will Pound to Euro Rates Gain in September?

Greece’s parliament approved the bailout deal offered by the European Council last night, with 229 voting for the package and 64 against. Of that 64, half were from the ruling Syriza party. The vote was passed amid a tirade of petrol bombs thrown by protestors outside, but we are finally at a point where a deal seems to be close to being finalised. The bailout now needs to be ratified by the parliaments of several key members. After months now, world financial markets can settle down and move forwards.

In terms of rates, we have seen the Euro strengthen slightly, and the Pound weaken, as capital moves tetatively back into the Euro while the single currency is cheap, and seemingly more stable. So GBP/CAD rates have dipped back below 2.02 and EURCAD rates back below 1.42.

So the buying opportunities of yesterday have been corrected slightly, but GBP/CAD is still at a fresh 7 year high and 4 cents higher than the start of the week. Those tempted to buy CAD now should seriously consider doing so. Call 01494 787 478 for a free quote on your transfer and for some advice if your transfer is not until later in the year.