26 Jan Currency Converter News for Euro & Swiss Franc

Greece Elections & Forecasts for Euro

The Euro hit its lowest levels against the U.S. Dollar since 2003 this Sunday trading at $1.1098. This occurred soon after the electoral results in Greece where the anti-bailout party won. We see everything that could have gone bad with the Euro has already happened (Strong US dollar, Leftist party win in Greece). However, these negative events still did not push the Euro exchange rate below $1.10 mark, which has a lot of currency converters believing that the Euro has bottomed out. Another reason to support this belief is that unlike 2011-2012 European debt crisis the European banks have limited exposure to Greece, while policymakers have additional safety nets set up.

The Euro exchange rate is up today by 0.6 percent. The Swiss franc exchange rate is down 2 percent as currencies perceived as safe havens were down today.

Overall the Syriza’s win in Greece is being treated as anti-austerity movement rather than anti-euro movement which in result is not pushing the Euro lower. Euro is currently reacting positively to negative news meaning it is currently at an extreme. Technical indicators show that the Euro may be oversold and that is why we are seeing some buying and a gain in the Euro from its lows. Currency traders believe the Euro has experienced the worst already and has bottomed out. However currency converters beware, the Euro’s strength may be short-lived and there is a lot more volatility in store as we see how the new Greek government negotiates.

Cash Now Malton, local currency exchange in Mississauga will buy or sell Euros no matter the market conditions. Our goal is to provide our clients with the best exchange rates in Toronto and exceptional customer service.