Sterling hit a 6 month high against the euro yesterday morning of €1.1724/£1 on concerns over the European debt crisis, but fell to the lowest level against the US dollar since January. After a fresh bout of concerns over Greece’s ability to pay its debts, sterling gained but slipped back after investors cooled earlier negativity towards the single currency. Sterling also came under pressure against the US dollar over rumours that the Bank of England would inject a fresh round of Quantitative Easing to boost the economy. Additionally, whilst the euro zone crisis should be good for sterling, Europe is one of the UK’s largest trade partners so it is in the UK’s interest for the region to stabilise. Call in now for a live exchange rate.

In the euro zone, markets plummeted as investors yet again became concerned over the ability of Greece to repay its debt. In the latest saga of a 2 year sovereign crisis, there was concern that Greece may yet again struggle to gain the next tranche of its international bailout package. This put pressure on the single currency and wasn’t helped by speculation over an imminent credit rating downgrade of major French banks due to their Greek exposure. Athens only has a few weeks’ cash left so call in now for a live exchange rate.

In the USA, the US dollar hit a 7 month high against the euro as investors looked to the relative safe haven of the US currency on further concerns over a potential Greek default. Out this week there is a wide array of data in the US, so ensure you protect yourself by speaking to one of the team sooner rather than later.

Elsewhere, the Swiss franc strengthened against the US dollar as investors looked for safe havens and the Australian dollar fell to a one month low against the US currency – a measure of the lack of risk appetite. Call in now for a live exchange rate.

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