Tuesday, 9 June 2015

Tuesday, 9 June 2015

Currency news - Greece defer on first IMF payment

A busy end to a busy week in the ever volatile currency market. We started the day with the news that Greece had deferred on their €300 million payment that was due to the IMF on Friday. This didn’t have a huge effect on the market as it actually came to light overnight on Thursday that they would miss this payment and priced into the market then with GBP/EUR dropping over a cent into the low €1.36’s.

This story doesn’t look like it is going away anytime soon and will be the continued factor behind movements in the market. They have a total of €17.1 billion to pay to all of their debtors.

There was talk of a reform earlier in the week but Alex Tspiras has decided against this as it goes against the promises he made when campaigning for power.

As shown on the graphs below, GBP/EUR has traded at highs and lows this week that would have cost you the difference of nearly £4700 when purchasing €200,000. So if you have an upcoming Euro requirement it would be a good idea to get in contact with our currency brokers at the Foremost Group to discuss what options you have.

by Adam Bobroff, Director, Foremost Currency Group

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