The Euro has continued to significantly weaken as Greece struggles to secure necessary recovery funds.

Pound Sterling – UK Markets

The BCC’s latest survey has revealed the UK’s economy continued to grow in the first quarter, although it is still election polls that are likely to influence Sterling over the coming weeks up to the announced election date of 6Th May. Sterling took a slight dip following the election date announcement but quickly recovered due to other worldwide events. The latest polls have revealed a narrowing gap between the two main UK parties, currently suggesting the Conservatives may not win an overall majority. Sterling therefore is doing well to be sitting high against the Euro at 87.93 pence. The GBP/USD is attempting to break below the support area of 1.5238 with little movement so far today.

US Dollar – US Markets

The Federal Reserve comment that inflation is easing has failed to move the USD significantly in either direction over the past 24 hours. However, the USD/CAD has recently seen a new low not seen since August 2008 at 0.9989, briefly reaching parity yesterday.

Euro – European Markets

News of an attempted renegotiation by Greece concerning the European rescue agreement has severely impacted on the Euro. The Euro has steeply fallen against the Dollar and Sterling, as well as suffering heavy losses against the Australian dollar. The Euro sits at an 11 month low against the Dollar, down by more than a cent at $1.3396. In all, the Euro slipped against 12 of its 16 most-traded counterparts The Euro had initially rallied following the European agreement to help Greece but the request for more help has fuelled under-confidence.

Other Currencies – Highlights

The Australian dollar strengthened after the announcement of a .25% interest hike and is trading at an 11 month high against the Euro, due to higher commodity prices and pending a report by the statistics bureau revealing a major employment boost. The yen has fallen against currencies including South Korea’s won and the Canadian dollar.