There was more bad news for the Eurozone today as their latest set of unemployment figures were released. Unemployment has now reached a new record high, which is another striking blow for an already destabilised region. Unemployment now stands at 12.2%, with an extra 95,000 people out of work, making a total of 19.38 million. Out of the 17 countries who use the EUR both Spain and Greece have unemployment rates of over 25%, a truly shocking statistic.
GBP/EUR rates have been fairly flat during Thursday’s trading, with a small spike for Sterling following the negative news emanating from the Eurozone. Despite this positive movement GBP is still finding resistance around 1.17 and I still feel a move through 1.20 is unlikely based on the current market conditions. We also need to factor in the likelihood that we will see further Quantitative Easing over the coming months, which is also likely to devalue the Pound.
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