The Pound Euro exchange rate (GBPEUR) may break the 1.2000 threshold for the first time for eight months if the key price rise figures come out at below the annualised 1.3% level.
Data concerning the state of Portugal’s finances was released on Friday and resulted in the Pound making a run at 1.2000 against the Euro towards the end of last week.
The Pound Sterling soared to its highest level against the Euro since 18th January, falling just short of the 1.2000 mark during the final part of Friday’s European equities session as a delegation from the IMF/ECB/EU visited Portugal in order to carry out a full audit of the country’s debt. Portugal’s Finance Minister, Vitor Gaspar, recently resigned and the progress which the country has made in paying down its sizable national debt has been much slower than expected. Concerns have also been raised once again about the level of unemployment in Portugal.
The economic indicators suggested that the situation in Portugal is easing, but once again, the country has been warned that they must stick to their spending targets.
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Filed under: http://www.theleader.info/article/40677/
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