Saudi currency to peso
The Franco-German relationship, which has been the backbone behind EU policy is certainly in for a turbulent short-term as it was announced over the weekend that anti-austerity Socialist Francois Hollande has become the new President of France. The general sentiment is that efforts to date to relieve the Eurozone of its debt could be reversed. Greece’s far-left wing leader is set to attempt to put together a government after parties supporting an international bailout deal failed to form a coalition and Alexis Tsipras aims to form a cabinet to reject imposed austerity measures. Voters in Greece, France and Italy all favoured anti-austerity candidates over the last week, and France’s Hollande announced he would look to growth driven measures rather than austerity alternatives in his victory speech. German Chancellor Angela Merkel fights the pro-austerity corner of the ring insisting that the imposed austerity measures are “not negotiable” and stressed the importance to continue attempts to reform Greece’s debt.
The effects of the recent events have inevitably sent the EUR in decline against both the USD and GBP with the single currency falling to its lowest level since January to 1.2955 versus the dollar, it has since recovered slightly back up to 1.3011 in earlier trading. It also saw three year lows against the Pound down at the .8034 level.
Source: Clear Currency
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