GBPEUR rate remains steady as markets await the Autumn Budget

UK Growth Forecast Cut Plus Well Received Spanish Bond Auction Equal EUR Strength

Thursday has seen further euro strength, proving that Wednesday’s initial spike was no flash in the pan. I believe this has come about due to the Bank of England (BoE) inflation report yesterday, which warned of the risks to the UK from the on-going eurozone crisis and downgraded medium-term inflation forecasts. BoE governor Mervyn King also cut the growth forecast for this year from 1.2% to 0.8%. This could be seen as a potential justification for further Quantitative Easing and the markets have reacted...

UK Inflation report slows sterling gains

Earlier today Mervin King spoke at the Quarterly Inflation meeting. He warned that the Eurozone was “tearing itself apart” and the Eurozone “storm” was heading toward the UK with a large effect on the UK Economy. As a result we saw sterling lose a chunk of its strength against the Euro, the first time in days… I personally think that the next big day for everyone with a transfer to make is the end of the next week when the Europeans meet. This is the...
Pound to Euro exchange rates: Could we be headed for a no deal Brexit?

German GDP Figures save Europe from Recession but the Single Currency Continues to Struggle

The eurozone narrowly avoided falling back into recession today, after recording zero growth for the first three months of 2012. These figures came in stronger than expected, primarily because the German economy grew by 0.5%. The final quarter of 2011 showed that the eurozone has contracted by 0.3% and many analysts were expecting further negative figures, following the downward spiral the EU seems to be engulfed in since the turn of the year. The currency markets initially reacted positively to the news and the euro...
Pound to Euro rate breaches 1.14 as EU vows to work with the UK on Brexit deal

Sterling climbs to new high as Greek Government fails again

Today the GBPEUR rate hasclimbed over 1.25 for the first time in nearly 4 years.  This is after thenews that the Greek Government walked away from talks aimed at forming a coalition Government for the third time in as many days. They now have a number of days left to form a Government before another general election will be called. This election many experts are thinking will give the power to the people as to whether they stay in the euro or not, and...
GBPEUR rate remains steady as markets await the Autumn Budget

GBP/EUR Rates Touching 1.25 = Great Buying Opportunities But Concerns Continue Over Benefit to...

GBP/EUR rates touched past 1.25 today before quickly retreating back to the mid 1.24’s at time of writing. The spike may well of come about following yesterday’s BOE (Bank of England) meeting, as I feel the markets were anticipating talk of another round of Quantitative Easing, which in the end never came about. This assumption may well of been based on the fact the UK is officially back in recession, although as written in my previous report, this figure could well be revised up...
GBPEUR rate remains steady as markets await the Autumn Budget

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PMI Service Data and Unemployment Predictions Keeps Pressure on UK Economy

Yesterday UK PMI (Purchasing Managers Index) Service figures were released and made for fairly grim reading. They showed a contraction down from 55.3 last month, to 53.3 this month. This set of data is considered key for the UK, as the services sector makes up two thirds of the UK’s economic output. This proves that whilst Europe does seem to be suffering on a grander scale, the UK still has a long way to go until it returns to economic stability. There was further bad...

Spanish Double-Dip Recession a Boost for the Pound

Spain officially slipped back into recession yesterday as their most recent set of GDP figures announced that their economy had contracted by 0.3% in the first quarter of 2012. In addition to this Spanish retail sales fell by 13% and unemployment hit a staggering 24.4%. Spain's second period of recession is the latest significant headache for the Eurozone following the PIIGS needing financial assistance throughout most of 2011 and Greece's repeated bailout packages in the latter part of 2011 into 2012. Unfortunately it doesn’t seem to be...
Pound to Euro rate breaches 1.14 as EU vows to work with the UK on Brexit deal

The Slide of the Single Currency

As the week draws to a close the markets are left to reflect on what has been described by many as the beginning of the end for the Eurozone and its single currency. As financial Armageddon bears down on the Spanish economy and investors run for cover, I have to ask myself which twist this Greek tragedy will take next. In fact, it is now probably better described as the sinking of the Spanish armada and any default by Spain would not only cripple the country’s economy but ensure contagion...