Tuesday 23rd June 2015
Since my post yesterday, the Pound/Euro exchange rate has risen by over 2 cents, and at the time of writing sits at €1.41:
The reasons for the gains is there is as yet no agreement over Greece, and no deal to decide whether Greece and its creditors can get past the political barriers in the way of sealing a resolution.
Euro zone leaders did agree late last night that the institutions representing Greece’s creditors should try to wrap up a detailed agreement by Wednesday evening for their finance ministers to approve and present to them on Thursday.
So, while there us uncertainty, the Euro is weak. Nothing has really changed though – most still expect a last minute deal to be agreed, and if that happens, expect the rate to correct sharply.
If you need to buy Euros, then consider getting something done while it’s still over €1.40. While nobody can predict which way the rate will go, each and every time we’ve got to these levels in the last 6 months, it hasn’t lasted long and the rate has dropped back away again.