Obtaining Cash in Crete
Please note that there are now a number of cash
points (hole in the wall) machines in the two major airports, major
towns and even some of the larger villages in Crete, from which you
can obtain local currency (euros).
If your building society or bank is a member of the Visa, Cirrus,
Maestro. Eurocard or LINK banking networks then obtaining cash
should not be too much of a problem. Any drawn cash will be
deducted from your current banking account at normally a very favourable
exchange rate. A bank or building society should not charge more
than a few pounds (if at all) per withdrawal but please check with your bank or
building society if you are unsure.
Foreign Exchange Market Overview - 30
April 2008 (editorial by purefx.co.uk)
Sterling Overview
 Sterling
has continued to struggle this month and given recent economic data it is
difficult to see which sector will provide the UK currency with the support that
it needs. Interest rates were cut by 25 basis points earlier in the month with
MPC voting split three ways, although so far the banks have been unwilling to
pass this reduction onto consumers. In fact many banks have withdrawn their
mortgage products and instead increased their lending rates to customers.
The Bank of England has promised £50 billion to ease liquidity concerns and
Gordon Brown has urged banks to reveal the true extent of their losses from the
credit crunch. He has also made a special visit to Wall Street to meet with
major US banks to try and ease the global liquidity problems.
As reported by Nationwide, Halifax and RIC’s (Royal Institute of Chartered
Surveyors) the UK housing market is slowing, however we feel some slowdown in
the growth rate is necessary in order to prevent an even sharper correction in
house prices in years to come.
As per our previous forecast we (Purefx) expect pressure to remain on the pound
in the short-term, although please contact your Currency Dealer for a more
detailed picture.
Pound/Euro
The pound hit a new low earlier this month although was unable to break through
a key technical support level and soon bounced back to more favourable buying
levels. Given the current lack of support for the pound it seems likely sterling
will remain under pressure for a while. Although, there have been a number of
recent economic data releases indicating the euro zone is beginning to feel the
effects of the credit crunch so we may start to see some euro weakness.
Please note, nothing in this "Foreign Exchange Market Overview" should be
construed as advice or guidance as to when to buy or sell currency and / or
property
Euro to Pound Exchange Rate (updated daily)
Scale (1 euro approx 1.28
pounds) |
