Euro woes

The Euro has continued to depreciate as markets become increasingly unconvinced with the outcome of last week’s EU summit. European bond auctions will be monitored as Germany and Italy auction €5b of 2 year bonds and €5b respectively.

Pressure was also increased on the Euro following last night’s Federal Reserve decision to hold interest rates and withhold additional stimulus at this time. The resulting falls in equity markets increasing safe heaven flows.

The Euro has fallen to its lowest level against the US Dollar since January, currently trading at 1.3040 on the interbank market. The Pound is pushing towards 1.19 against the Euro, currently at 1.1890, the highest level since February. The Pound is currently trading between 1.54 and 1.55 against the US Dollar.

The following rates are based on the current interbank market and are shown for indicative purposes only. Please do not hesitate to contact the dealing team on 01695 581 669 or for a live quote.

14/12/11 09:45