{"id":1200,"date":"2011-10-18T10:14:46","date_gmt":"2011-10-18T10:14:46","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=1200"},"modified":"2011-10-18T10:17:13","modified_gmt":"2011-10-18T10:17:13","slug":"exchange-rates-and-market-commentary-2","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/exchange-rates-and-market-commentary-2\/","title":{"rendered":"Exchange Rates and Market Commentary [18\/10\/2011]"},"content":{"rendered":"

Good morning. Yesterday\u2019s optimism indeed proved short-lived. German Finance Minister Wolfgang Schaeuble pricked the balloon that had just taken off over the scheduled October 23 meeting. He said the meeting may fail to provide a \u201cdefinitive solution\u201d to the region\u2019s debt crisis. Rather a five-point plan will be adopted to address the region\u2019s credit problems that is expected to include a bank recapitalization plan and asking private creditors to accept greater write-downs than the previously agreed 21 percent<\/p>\n

losses on their holdings. Greece\u2019s overall debt is forecast to mount to \u20ac357 billion or 162 per cent <\/p>\n

of its GDP, a level that economists agree is unsustainable.
\nEU leaders are racing to convince banks to accept a 50-percent \u201cvoluntary\u201d write-down on their Greek holdings, while trying to finalise a roadmap for recapitalising banks that may collapse due to the shock. If the banks refuse to accept the losses \u201cvoluntarily\u201d, then a Greece default may result in bigger write-downs and trigger wider market chaos.<\/p>\n

One possible solution being discussed, despite resistance from Germany and other northern European members, is to leverage the \u20ac440 billion EFSF emergency rescue fund. <\/p>\n

CURRENCY RATES OVERVIEW<\/h2>\n

GBP\/EURO \u2013 1.1470
\nGBP\/US$ \u2013 1.5768
\nGBP\/CHF \u2013 1.4178
\nGBP\/CAN$ – 1.6132
\nGBP\/AUS$ \u2013 1.5532
\nGBP\/ZAR \u2013 12.6345
\nGBP\/JPY \u2013 121.31
\nGBP\/HKD \u2013 12.2671
\nGBP\/NZD \u2013 1.9945
\nGBP\/SEK \u2013 10.5422<\/p>\n

If your currency pairing is not listed above or you want to make an international money transfer<\/a>, check out our comparison tables at www.mycurrencytransfer.com<\/p>\n

If your currency pairing is not listed above or you want to make an international money transfer, check out our comparison tables at www.mycurrencytransfer.com<\/p>\n

EURO: Moody\u2019s warning over France\u2019s sovereign rating and weaker US Empire State Manufacturing Survey data pushed the Euro down and the EUR\/USD touched the 1.3800 level. German ZEW data is due for today along with UK inflation data. The GBP\/EUR is trading at 1.1508 and may see some movement today.<\/p>\n

USD: The GBP\/USD pair fell yesterday after touching a high of 1.5850 during early London trade. Top German economist\u2019s forecast warning France\u2019s AAA rating may come under cloud didn\u2019t help the cable either. In the Eurozone, the euro slid by 0.6 per cent against the Sterling after Germany said no big breakthroughs should be expected on Sunday\u2019s meeting.<\/p>\n

Elsewhere, the Sterling gained against the Canadian dollar yesterday. Both the AUD and the NZD lost ground against the greenback on weak risk sentiment. <\/p>\n

This currency bulletin has been brought to you by MyCurrencyTransfer.com \u2013 the world\u2019s leading foreign exchange price comparison site. If you are looking to make a foreign currency transfer, why not check out our comparison tables at www.mycurrencytransfer.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Yesterday\u2019s optimism indeed proved short-lived. German Finance Minister Wolfgang Schaeuble pricked the balloon that had just taken off over the scheduled October 23 meeting. He said the meeting may fail to provide a \u201cdefinitive solution\u201d to the region\u2019s debt crisis. Rather a five-point plan will be adopted to address the region\u2019s credit problems that is expected to include […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[110],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1200"}],"collection":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=1200"}],"version-history":[{"count":3,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1200\/revisions"}],"predecessor-version":[{"id":1203,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1200\/revisions\/1203"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=1200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=1200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=1200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}