Greece is Running out of Cash
It cannot have escaped your notice that Greece is now in the grip of a major financial crisis and over the weekend the nation as a whole will be voting in a referendum to decide the fate of their country.
It has been rather disappointing to see that in the last few days despite tremendous efforts by the EU as a whole and the IMF and the ECB no solution has been found to their current financial predicament.
In fact Greece has just missed a deadline for paying back a huge loan given to them by the IMF and that has got a lot of other countries worried in regards to loans they have also given to Greece. This has also resulted in the Euro taking a massive hit in regards to its value, with Sterling and the USD currently being the two safe havens for investors eager to pull their money out of Euros. Yesterday we reported how the UK is ready to handle the fallout should Greece fall.
As is always the case with a currency in demand both USD and GBP having being showing some huge increases in their value this past week in regards to those two currencies exchange rates with the Euro and this fluctuation is likely to continue right across the weekend.
If you are planning on placing a few very well thought out Forex trades over the next few days then you really do need to keep the current situation in Greece in mind, for no matter what way the referendum goes the Euro is going to be weak, and its value may continue to nose dive more so if the Greek nation decide to go it alone and pull out of thee Euro which will happen if they refuse to agree to any more funding by having to put into place additional austerities measures.
There is going to be a lot of money to be made over the coming days by Forex traders who are prepared to pair up the Euro with some other major currencies, and you really do seriously need to consider joining the huge numbers of traders who will be doing just that.
Every single one of our feature Forex Brokers will be offering lots of currency paring options in the coming days so if you are not already a trader at some of those sites make sure you sign up right away and start placing your Forex trades right now!
