Good morning and welcome to today\u2019s foreign exchange market commentary on Tuesday the 22nd of November. <\/p>\n
As developments in the EU remain rudderless and Moody\u2019s warning that France\u2019s AAA rating is under threat, exacerbating the fragile situation further \u2013 are the leaders of Europe planning for radical changes to ensure better integration among the member countries? Has the groundwork started for total economic and political union? Well, some of the Europhiles believe the fight-back has begun.<\/p>\n
And it is led by none other than Jose Manuel Barroso \u2013 the president of the European Commission. Recollecting the war-ravaged continents dark days, Barroso said Europe has survived some of human history\u2019s worst crises like the Soviet occupation or food shortage. <\/p>\n
Another Europhile, Lord Heseltine of the British Conservative party, echoed Barroso\u2019s sentiment, adding UK will eventually join the euro. He said the Germans and the French will ensure the common currency survives to ensure that the coherence created in the region continues. However, if euro fails, it would be a cataclysmic event for the British economy, he warned. <\/p>\n
Wolfgang Sch\u00e4uble \u2013 the German finance minister agreed. Despite the ongoing crisis, the common currency will emerge stronger, convincing all members of the European Union to join the euro, he said adding the Brits may join sooner than some people would like to believe.<\/p>\n
GBP\/EURO \u2013 1.1580
\nGBP\/US$ \u2013 1.5654
\nGBP\/CHF \u2013 1.4345
\nGBP\/CAN$ – 1.6245
\nGBP\/AUS$ \u2013 1.5886
\nGBP\/ZAR \u2013 12.9971
\nGBP\/JPY \u2013 120.64
\nGBP\/HKD \u2013 12.2075
\nGBP\/NZD \u2013 2.0818
\nGBP\/SEK \u2013 10.6721<\/p>\n