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Posted May 7th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 7th May 2010

EUR/GBP – 1.150

Sterling has had a rollercoaster ride over the last 24 hours. We saw it hit 1.1860/ £1 at one point yesterday, before falling to a low (at the time of writing) of 1.1532/ £1 as sterling goes into freefall this morning as current predictions point to a hung parliament. Against the US dollar, the pound plunged as the first exit polls were released at 10pm last night and hit $1.4598/ £1 – the lowest level in over a year. Sterling is currently trading at $1.4710/£1, but could drop considerably further depending on how the day develops. The huge volatility was as a result of panic selling as concerns over the spread of European sovereign debt sent shockwaves through global markets. This panic hit stock markets and at one point yesterday in the USA, the Dow Jones was down over 1000 points – the most since the height of the credit crunch. The FTSE slipped over 5% and is on track for the biggest weekly fall since March 2009. With current results showing that a hung parliament is the most likely outcome of the election, sterling took back gains made against the euro yesterday. With complete uncertainty as to who will be the next prime minister, especially with Gordon Brown seemingly keen to cling onto power despite a huge swing to the Conservatives. Call in now for a live price, as a lot could happen over the course of the day.

In the Euro zone, rioting gripped the Greek capital for a second day as members of the public protested against the terms of the recent 110bn ‘austerity package’. The Greek parliament unanimously approved the terms, which impose harsh cuts on public spending, tax increases and caps on public sector salaries. The fear over ‘contagion’ spread is likely to grip markets further today. The euro took a huge hit yesterday and has fallen to near historic lows of 1.25871/ $1 against the US dollar. Analyst predictions of 1.20/ $1 is looking more and more likely as we continue to see absolute panic over the state of the Euro zone. Call in to ensure you don’t miss out.

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One Response to “”

  1. c0527onniemcgehee Says:

    He who would climb the ladder must begin at the bottom...................................................

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