Pound To Euro rate up, along with Sterling gains for GBP AUD, CAD, CHF, CZK, MXN, NOK, PLN, SEK and ZAR

Modified: Friday, 13 January 2012 19:01 BST - Written by Frank Davies

STORY LINK Pound To Euro rate up, along with Sterling gains for GBP AUD, CAD, CHF, CZK, MXN, NOK, PLN, SEK and ZAR

The Pound Euro exchange rate GBP EUR is trading at 1.9657, up 0.95%. The Pound Dollar exchange rate GBP USD is trading at 1.53411, down 037%.
The Pound Australian Dollar exchange rate GBP AUD is trading at 1.48448, up 0.23%. The Pound New Zealand Dollar currency rate GBP NZD is trading at 1.93299, down 0.06%.
The Sterling Rand rate GBP ZAR is trading at 12.49846, up 1.14%.

Multiple government sources from the Eurozone are saying that France and number of other Eurozone countries including Italy will have their rating downgraded,
whilst Germany and a few other Northern European countries will remain steady. The ratings downgrades are imminent, likely to happen after the US markets close.
This is particularly serious for France as their cost of borrowing will increase and does in effect does increase the probalilty of France defaulting.
Standard & Poors's downgrade of the French credit rating does also mean that Germany is the sole remaining AAA rated country behind the Eurozone bailout fund.
The news of the French downgrade has caused French president Nicolas Sarkozy to hold crisis talks.

Also today, Greek debt crisis talks have stalled. The talks between Greece and its private sector lenders over a possible 50% write-off of its debts have failed. This is significant as without this money Greece could be forced to leave the Euro.

Pound Sterling has seen strong movement against the major trading currencies today, including the Pound Euro exchange rate seeing a moderate gain.
Most notably, we have seen GBP AUD up 0.23%, GBP CAD up 0.27%, GBP CHF up 0.76%, GBP CZK up 1.24%, GBP EUR up 0.95%, GBP MXN up 0.33%, GBP NOK up 0.71%, GBP SEK up 0.96%, GBP PLN up 1.21% and GBP ZAR up 1.13% on the day.
Sterling has lost ground on the Chinese Yuan, Dollar, New Zealand Dollar, Japanese Yen and Hong Kong Dollar and is showing a loss of between 0.11% - 0.55%.


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