Increased AUD buying power on EUR transfers with Eurozone Greek debt worries re-appearing

By Nicolas Steiger

Since the start of the new year, the Australian Dollar increased by about 5.8% in value compared to the EURO, lingering in the mid 0.72s, as fears that Greece will be forced to crash out of the Eurozone persist.

Greece’s government is currently at an impasse with its creditors over the implementation of further austerity measures, with Greek Prime Minister Alexis Tsipras refusing to impose any government cuts that would negatively impact the people of Greece.

Investors are pessimistic that the latest talks will lead to any kind of breakthrough as the Greek government remains unwilling to budge, contributing to the strength in AUD EUR.

Markets fear that Greece will default on a €7.4bn debt repayment to the European Central Bank (ECB) in July, exacerbating the nation’s debt crisis and possibly requiring another Greek bailout.

One has to go back to March 2015 to see similarly strong AUD EUR levels in the market. This makes it appealing for any investors seeking to convert AUD to EUR funds at these levels.

With geopolitical risk in Europe on the increase, led by the French elections, with Marine Le Pen’s reiteration of her desire to pull France out of the EU grabbing most of the media headlines, we might see a continuation of strong AUD EUR for some time.

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Tagged in: global payments, currency conversion, exchange rates, AUD, europe, overseas finance

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