Euro exchange rates remain under pressure Print
Written by Sam Coventry   
Thursday, 18 March 2010 10:12
The Euro Pound exchange rate and the Euro Dollar exchange rate are both under sustained pressure in morning trade in London.



The EURGBP is 0.158% lower with 1 EUR = 0.8951 GBP at 9am in London.

The EURUSD is lower by 0.452% with 1 EUR = 1.3670 USD.

Euro weakness is the main topic of conversation on the foreign exchange rate markets this morning, having reached a one-month high in early trading, the euro fell steadily through the day to close lower at 1.3737 against the US dollar.

And, as the latest exchange rate numbers suggest the weakness is likely to persist into the morning.

"The Euro pulled back following reports that the Greeks are not hopeful of receiving aid from the other Eurozone members.  The EU summit is scheduled for March 25th, and they may need to seek help from the IMF during the Easter weekend.  The EC have also called for a number of their members to detail how they plan to reduce their deficits," says a morning market briefing note from ODL Markets.

Dealers Caxton FX note that the weakness in the single currency against the pound drove it down against the dollar, despite rising equities in both Europe and the US.

With little important data from either the eurozone or the US yesterday, the markets took their direction from the figures in the UK, which depressed demand for the euro. The British Pound enjoyed better than expected unemployment data and bullish news from the Bank of England's interest rate deciding team.

And in trading this morning, troubles in Greece have reappeared in the headlines.

A Greek official has been reported saying that the country is growing increasingly pessimistic about the prospect of help at an EU summit on March 25 th and may seek help from the IMF.

Increasing tension between Germany and the ailing peripheral nations, made evident in some recent comments from Angela Merkel, has also put pressure on the euro.
Last Updated ( Thursday, 18 March 2010 10:16 )
 
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