Good morning. The euro managed to continue its upward journey yesterday with the markets believing that Angela Merkel and Nicholas Sarkozy\u2019s secret pact would be able to help arrest Europe from sliding back in turmoil. After the credit crisis of 2008, politicians had vowed not save any banks in the future. However, Belgium and France\u2019s latest move to save Dexia bank from collapsing shows nothing lasts for ever. Greece\u2019s next bailout tranche has apparently hit a road block with Slovakia\u2019s opposition not in favour of writing further checks to Greece. Not without a reason though. The relatively poor state with a population of 5.5 million is expected to contribute guarantees worth \u00a36 billion to the European Financial Stability Facility (EFSF) fund. Now that sounds a little unreasonable for the tiny state.<\/p>\n
Nonetheless, any further delay of the EFSF ratification, originally scheduled in mid-October may send the markets in a tailspin. The common currency managed to gain 2% against the greenback on Monday with similar gains against the Cable. Risk was back as Standard and Poor\u2019s reaffirmed France\u2019s AAA rating with a stable outlook. Also the troika of IMF\/ECB\/EU announced that they would complete the Greek bailout talks soon. These gave some respite to the common currency as selling pressures eased.<\/p>\n
GBP\/EURO \u2013 1.1454
\nGBP\/US$ \u2013 1.5635
\nGBP\/CHF \u2013 1.4144
\nGBP\/CAN$ – 1.6126
\nGBP\/AUS$ \u2013 1.5841
\nGBP\/ZAR \u2013 12.3352
\nGBP\/JPY \u2013 119.98
\nGBP\/HKD \u2013 12.1740
\nGBP\/NZD \u2013 2.0002
\nGBP\/SEK \u2013 10.4345<\/p>\n