Good morning and welcome to today\u2019s foreign exchange market commentary on Wednesday, the 22nd of February.<\/p>\n
With the Greek deal settled for now, markets can start concentrating on other issues, especially the G20 meeting that is scheduled for later this week. Both the advanced and the developing economies will look for assurances that the EU will do everything within power to limit the effects of the ongoing crisis. Remember, the contagion effect still looms large and there are quite a handful of economies that may trip in near future. However, a general consensus, mind you not a concrete agreement which understandably will take time, could help officials inch closer to boosting the lending power of the International Monetary Fund for an effective safety net for future victims.<\/p>\n
The Eurozone, as it has been mentioned numerous times in the past, has witnessed a two-speed economy. At one end of the spectrum there are stronger economies led by Germany that are highly competitive, while at the other end there are countries like Greece and the Irish Republic. Since all the 17 members use a common currency and there\u2019s no way an individual member can peg the exchange rate against other currencies, Greece is left with the only option of what is known as the \u2018internal devaluation\u2019 of the currency to become more competitive. A reduction in wages should do the trick, as has been demanded by EU members for the public sector. Otherwise, another round of bailout for Greece may be required sooner than most of us would like to believe.<\/p>\n
CURRENCY RATES OVERVIEW<\/strong><\/p>\n GBP\/EURO<\/strong> \u2013\u00a01.1914 If you need to make an international money transfer, check into MyCurrencyTransfer.com for live rates.<\/p>\n EUR: The single currency didn\u2019t quite outperform its global peers yesterday despite the agreement over the second round of bailout money. The EUR\/USD pair failed the breach the Asian high of 1.3293, igniting speculations that the Greek development has already been priced in. However, the euro performed better against the Sterling and the GBP\/EUR pair touched 1.1901 in intraday trading. This was surprising given January\u2019s Public Sector Net Borrowing showed a greater-than-expected surplus. Today\u2019s focus is expected to remain on European PMI numbers. The GBP\/EUR pair opens at 1.1866.<\/p>\n USD: The dollar finished Tuesday marginally lower than its global peers.\u00a0 The euro changed hands for $1.3234 from $1.3244 on Monday evening. The dollar index, which measures the greenback against its six global peers, closed lower at 79.094 from 79.332 a day earlier. The GBP weakened against the dollar despite UK PSNB for January recording a higher surplus than anticipated. The cable shed 70 points today morning as the latest MPC minutes showed more members voted for further asset purchase than expected. The GBP\/USD pair opens at 1.5700 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 Wednesday, the 22nd of February. With the Greek deal settled for now, markets can start concentrating on other issues, especially the G20 meeting that is scheduled for later this week. Both the advanced and the developing economies will look for assurances that the EU will do everything within power […]<\/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\/1501"}],"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=1501"}],"version-history":[{"count":2,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1501\/revisions"}],"predecessor-version":[{"id":1503,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1501\/revisions\/1503"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=1501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=1501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=1501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nGBP\/US$<\/strong> \u2013 1.5770
\nGBP\/CHF<\/strong> \u2013 1.4387
\nGBP\/CAN$<\/strong> – 1.5721
\nGBP\/AUS$<\/strong> \u2013 1.4795
\nGBP\/ZAR<\/strong> \u2013 12.1883
\nGBP\/JPY<\/strong> \u2013\u00a0126.431
\nGBP\/HKD<\/strong> \u2013\u00a012.2298
\nGBP\/NZD<\/strong> \u2013 1.8930
\nGBP\/SEK<\/strong> \u2013\u00a0 10.481<\/p>\n