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Money Transfers to France/Spain Suffer as Pound Euro Exchange Rate 13 Month Low
Published: 29 Jan at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, New Zealand Dollar Exchange Rate, Forex, Canadian Dollar Exchange Rate, Swiss Franc Exchange Rate, Euro Crisis, UK, Economy, Inflation, Spain, France,
A combination of risk appetite, a calmer and more positive outlook for the euro zone and very poor economic data out of the UK have combined to leave the pound struggling at the beginning of 2013 and it is now trading at multi month lows across the board. Yesterday it hit a thirteen month low against the euro; a five month low against both the US and Australian dollars; an eleven month low against the New Zealand dollar and Norwegian and Swedish Kroner.
World stock markets continue their good start to the year. Last week in New York, the S&P 500 index touched its highest level since December 2007, before the credit crunch. Yesterday, the FTSE100 index in London touched its highest level since May 2008. This is helping the high yielding currencies like the Australian dollar.
Yesterday, data from Germany showed that German consumers are more confident again at the start of 2013 with the GfK Consumer Climate study for February showing a revised 5.7 point reading for January. GfK notes that despite the difficult economic situation in Germany, “consumers are expecting gradual revival in the economy over the course of this year”.
Meanwhile, the more confident start to the year for the euro zone has allowed the Greek government to lift its ban on short-selling stocks in general with the exception of bank shares due to the current restructuring process.
Meanwhile reports out of Spain suggest its government is also set to make a decision this week on its own ban and may follow the same path as Athens. Italy, France and Belgium have already lifted bans implemented at the same time.
The US dollar made modest gains yesterday after the US Commerce Department said December US durable goods orders rose 4.6% from the month before. Analysts at expected a rise of just 2%. However, the latest housing data from the US fell short of expectations with the National Association of Realtors’ reporting that their pending homes sales index fell by 4.3% last month.
The pound has continued to fall across the markets after the publication on Friday of last week that the UK economy shrank by a bigger than expected margin of 0.3% in the fourth and last quarter of 2012.
Speaking at the weekend at the World Economic Forum in Davos, Switzerland current Bank of Canada Governor Mark Carney said central banks still have margin left to ease monetary policy further and in his opinion can be flexible in meeting inflation targets. Carney also emphasised that the current task of monetary policy is to ensure that key economies can “achieve escape velocity” stating that “There continue to be monetary policy options in all the major economies. Within the framework of flexible inflation targeting that exists in most of the developed economies, there remains considerable flexibility.”
Carney will take over from current Bank of England governor Sir Mervyn King in July.
World stock markets continue their good start to the year. Last week in New York, the S&P 500 index touched its highest level since December 2007, before the credit crunch. Yesterday, the FTSE100 index in London touched its highest level since May 2008. This is helping the high yielding currencies like the Australian dollar.
Yesterday, data from Germany showed that German consumers are more confident again at the start of 2013 with the GfK Consumer Climate study for February showing a revised 5.7 point reading for January. GfK notes that despite the difficult economic situation in Germany, “consumers are expecting gradual revival in the economy over the course of this year”.
Meanwhile, the more confident start to the year for the euro zone has allowed the Greek government to lift its ban on short-selling stocks in general with the exception of bank shares due to the current restructuring process.
Meanwhile reports out of Spain suggest its government is also set to make a decision this week on its own ban and may follow the same path as Athens. Italy, France and Belgium have already lifted bans implemented at the same time.
The US dollar made modest gains yesterday after the US Commerce Department said December US durable goods orders rose 4.6% from the month before. Analysts at expected a rise of just 2%. However, the latest housing data from the US fell short of expectations with the National Association of Realtors’ reporting that their pending homes sales index fell by 4.3% last month.
The pound has continued to fall across the markets after the publication on Friday of last week that the UK economy shrank by a bigger than expected margin of 0.3% in the fourth and last quarter of 2012.
Speaking at the weekend at the World Economic Forum in Davos, Switzerland current Bank of Canada Governor Mark Carney said central banks still have margin left to ease monetary policy further and in his opinion can be flexible in meeting inflation targets. Carney also emphasised that the current task of monetary policy is to ensure that key economies can “achieve escape velocity” stating that “There continue to be monetary policy options in all the major economies. Within the framework of flexible inflation targeting that exists in most of the developed economies, there remains considerable flexibility.”
Carney will take over from current Bank of England governor Sir Mervyn King in July.
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Source: moneytransfer.co.uk