Euro Falls as Greek Debt Solution Proposal Rejected

EUR/GBP     £0.8385 In general, the Euro is falling as concerns over the debt crisis are still present and also as the euro zone finance ministers rejected a restructuring plan on the Greek debt by creditors. However, it is outperforming the Pound, and currently upgrading against the sterling as it’s trading at £0.8385. GBP/EUR     €1.1921 The Pound was the worst performing currency in the last 24-hour period, as even the Euro outperformed the sterling.  It is still downgrading against the Euro and currently trading at €1.1921. EUR/USD     $1.3043 After three-weeks high,…

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The Pound – Worst Performing Currency Last Week

EUR/GBP     £0.8274 The pair EUR/GBP is quite unstable at the moment. Right now, the Euro is gaining strength and is trading at £0.8274. GBP/EUR     €1.2082 The Pound was said to be the worst performing currency last week. However, it has a great advantage ahead of its counterparts, which is that the UK is not a member of the Euro Zone. Such independence allows the country to control its own monetary policy, and is more flexible when it comes to shifts in market trends that are deepening the Euro crisis. Still,…

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Pound’s Future Not Bright; US Dollar Falls after G20

GBP/USD 1.5735 George Osborne, Chancellor of Britain, proposed last week an extreme spending cut of over 80 billion pounds in order to cope with the nation’s budget deficit of 156 billion pounds. According to economists, however, this action was ‘insane.’ As a result, the pound will drop below $1.40 this year, stated John Taylor, chief executive officer of FX Concepts Inc.. The U.S. dollar, on the other hand, fell on Monday, Oct 25, after the G20 meeting. “It looks like the market has taken the G20 as a green light…

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Will the UK follow Greece’s Financial Crisis?

Some believe UK is going to follow Greece’s economic pitfall. There are several reasons, however, why UK could resist. Both countries’ deficits are scarily similar: Greece is at 13.6%, and UK—at 11.5%, as the maximum an EU member should have is 3%. Both governments are not quite clear how they plan to reduce these numbers to the accepted limit. UK, however, has a strong bet, and that is its own currency—the pound, which gives it independence. “It UK could, if it wanted to, devalue its currency, and that would relieve…

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