Good morning and welcome to today\u2019s foreign exchange market commentary on Tuesday, the 21st of February.<\/p>\n
Finally, the Greece saga has ended; bringing down curtains on an extended period of intense negotiations with more than its fair share of twists and turns that had put the global economy on the tenterhooks. A deal has been signed approving Athens \u20ac130 billion in bailout money that will help the country avoid a disorderly default on its maturing obligations. Private lenders have agreed to accept an unprecedented 53.5 percent \u2018haircut\u2019 on Greek debts while the country came perilously close to total chaos. The last word on future austerity measures have not been said yet, but the current scheme of thngs are expected to bring the dent-GDP ratio to a more \u2018sustainable\u2019 120 percent from the current 160 percent by 2020.<\/p>\n
To ensure that interest rates do not break Greece\u2019s back again in the future, rates have been capped at 1.5 percent over Euribor. Don\u2019t be surprised if the Irish Republic and Portugal demand similar sops to avoid Greece\u2019s fate. In fact yield on Portuguese 10-year notes rose 53 bps to 12.8 percent following today\u2019s announcement. Irish and Spanish rates have remained flat so far while Italy witnessed a nominal 1 bps rise.<\/p>\n
Due today are UK\u2019s public finance statistics. The Chancellor\u2019s deficit reduction plans should come along nicely below the expected \u00a3127 billion target.<\/p>\n
CURRENCY RATES OVERVIEW<\/strong><\/p>\n GBP\/EURO<\/strong> \u2013\u00a01.1965 If you need to make an international money transfer, check out live rates at MyCurrencyTransfer.com<\/p>\n \u00a0EUR<\/strong>: The single currency rose against the cable and the greenback initially on Monday with the EUR\/USD pair touching 1.3277 and the GBP\/EUR pair dipping to 1.1952. However, the initial momentum couldn\u2019t be sustained and the euro consolidated around that level, waiting for the Greek outcome. The reaction to the settlement deal has been somewhat muted today. With no economic data expected from the EU region today, the single currency is expected to remain range-bound today. The GBP\/EUR pair opens at 1.1949 this morning.<\/p>\n USD<\/strong>: The US celebrated the President\u2019s day yesterday and it was a quiet day for the Greenback as most traders in the US decided to take a day\u2019s off. The GBP\/USD pair was influenced by the EUR\/USD pair\u2019s movement and moved to a high of 1.5880 before paring some of the gains to settle lower. The greenback is expected to remain range-bound today in the absence of any economic numbers. The GBP\/USD pair opens at 1.5843 this morning.<\/p>\n Going on holiday? Why not compare travel money options through our sister site MyTravelMoney.co.uk\u00a0and start saving!<\/p>\n Have a great day!<\/p>\n","protected":false},"excerpt":{"rendered":" Good morning and welcome to today\u2019s foreign exchange market commentary on Tuesday, the 21st of February. Finally, the Greece saga has ended; bringing down curtains on an extended period of intense negotiations with more than its fair share of twists and turns that had put the global economy on the tenterhooks. A deal has been signed approving Athens \u20ac130 billion […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[110],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1496"}],"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=1496"}],"version-history":[{"count":4,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1496\/revisions"}],"predecessor-version":[{"id":1500,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1496\/revisions\/1500"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=1496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=1496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=1496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nGBP\/US$<\/strong> \u2013 1.5858
\nGBP\/CHF<\/strong> \u2013 1.4444
\nGBP\/CAN$<\/strong> – 1.5754
\nGBP\/AUS$<\/strong> \u2013 1.4794
\nGBP\/ZAR<\/strong> \u2013 12.1499
\nGBP\/JPY<\/strong> \u2013\u00a0126.585
\nGBP\/HKD<\/strong> \u2013\u00a012.2972
\nGBP\/NZD<\/strong> \u2013 1.8940
\nGBP\/SEK<\/strong> \u2013\u00a0 10.551<\/p>\n