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Euro Money Transfers Affected as EUR Currency Rises Against Pound & Dollar
Published: 12 Feb at 11 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Swiss Franc Exchange Rate, Euro Crisis, UK, Economy, Inflation, France,
The euro rose sharply against the pound and the dollar yesterday after comments from German Bundesbank President Jens Weidmann yesterday that in his opinion, the euro is not overvalued at current levels in a rebuff to comments last week by French President Francois Hollande for an exchange-rate mechanism to protect the single currency from market fluctuations amidst fears in some quarters that an overly strong euro may harm the economic recovery in the euro zone as it could damage exports. Weidmann stated that in his opinion, a bigger fear is that an overly soft euro could import inflation.
Meanwhile, European Central Bank executive Jörg Asmussen announced yesterday that Cyprus is likely to receive its long-awaited euro zone bailout by the end of March. Cyprus is hoping to secure a €17.5 billion bailout from other European member states. Asmussen said "There must be no doubt about this. If Cyprus gets no external help, it will slide into default". He added, however, that the payment could not be a "one-way street", and the Nicosia government would be required to fulfil tough conditions by scaling down its financial sector and introducing more banking transparency.
The pound fell across the board yesterday after the Royal Institution of Chartered Surveyors' (RICS) seasonally adjusted house price balance dropped to -4 in January, partly as a result of inclement weather, although home sales in the United Kingdom actually rose with London home prices climbing at their quickest pace since May 2010. Wales saw house prices grow for the first time since the beginning of that same year.
"While it is still very early days to talk about a comprehensive market recovery, activity levels are still encouraging and there is some optimism out there that things could continue to improve," said Peter Bolton King, RICS global residential director.
Meanwhile, data from BDO Optimism Index showed that UK business confidence fell last month to its lowest point in 21 years, signalling a further economic contraction in the UK. Confidence fell from 90.3 in December to 88.9 in January. It is the eighth month in a row that the reading has remained below 95.0, the level which indicates economic growth.
“This suggests the economy will struggle to grow in [the first quarter of 2013] which, following the recently announced negative growth of [the fourth quarter of 2012], poses the risk of a triple-dip recession,” BDO said.
Today sees the ‘State of the Union’ speech to both houses of Congress by second term President Obama which analysts suggest will focus on job creation and economic growth which should have some influence over the overnight markets in the Far east.
Meanwhile, European Central Bank executive Jörg Asmussen announced yesterday that Cyprus is likely to receive its long-awaited euro zone bailout by the end of March. Cyprus is hoping to secure a €17.5 billion bailout from other European member states. Asmussen said "There must be no doubt about this. If Cyprus gets no external help, it will slide into default". He added, however, that the payment could not be a "one-way street", and the Nicosia government would be required to fulfil tough conditions by scaling down its financial sector and introducing more banking transparency.
The pound fell across the board yesterday after the Royal Institution of Chartered Surveyors' (RICS) seasonally adjusted house price balance dropped to -4 in January, partly as a result of inclement weather, although home sales in the United Kingdom actually rose with London home prices climbing at their quickest pace since May 2010. Wales saw house prices grow for the first time since the beginning of that same year.
"While it is still very early days to talk about a comprehensive market recovery, activity levels are still encouraging and there is some optimism out there that things could continue to improve," said Peter Bolton King, RICS global residential director.
Meanwhile, data from BDO Optimism Index showed that UK business confidence fell last month to its lowest point in 21 years, signalling a further economic contraction in the UK. Confidence fell from 90.3 in December to 88.9 in January. It is the eighth month in a row that the reading has remained below 95.0, the level which indicates economic growth.
“This suggests the economy will struggle to grow in [the first quarter of 2013] which, following the recently announced negative growth of [the fourth quarter of 2012], poses the risk of a triple-dip recession,” BDO said.
Today sees the ‘State of the Union’ speech to both houses of Congress by second term President Obama which analysts suggest will focus on job creation and economic growth which should have some influence over the overnight markets in the Far east.
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Source: moneytransfer.co.uk