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The pound reaches a 12 month high against the euro
Published: 9 Jan at 11 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Euro Crisis, UK, Economy, Inflation, Spain,
The pound reached yesterday afternoon its highest level against the euro since January 2013 ahead of the Bank of England policy announcement due at lunchtime today.
Investment bank Goldman Sachs is predicting that the Bank of England will not increase UK interest rates in 2014 regardless of the unemployment rate in the UK. Bank of England Governor, Mark Carney, has stated that when UK unemployment reaches 7%, UK interest rates will be reassessed and the more bullish of analysts are predicting that this target will be changed during the year.
Goldman Sachs are predicting that UK unemployment will be between 6.5% and 7% by the year-end and that the UK economy will grow by 3% this year, driven by the "ongoing recuperation of the UK's banking system" and higher demand from trade partners.
It also believes that inflation will remain at 2% and Scotland will stay part of the UK.
The US dollar rose against its major currency peers as investors cheered stronger than expected US private sector jobs growth data, an indication that the world's largest economy is recovering and that the recovery is gathering momentum towards the end of 2013.
Last night saw the publication of the latest Federal Reserve policy meeting minutes from December in which it trimmed its massive bond buying programme by $10 billion a month from $85 to $75 billion a month.
In the euro zone, unemployment remained unchanged at record highs for the eighth-month running according to the latest data from Eurostat with the November jobless rate for the region remained unchanged at 12.1% with Austria (4.8%) and Germany (5.2%) the two euro zone members with the lowest levels of unemployed and Greece (27.4%) and Spain (26.7%) suffering with the highest jobless rates.
Meanwhile, the International Monetary Fund (IMF) will revise its global growth forecast in an upwards direction in about three weeks according to its Managing Director Christine Lagarde who told a press conference in Nairobi "We will be revising upwards the global forecast of the economic growth" adding that it would be premature to say any more at this stage.
Investment bank Goldman Sachs is predicting that the Bank of England will not increase UK interest rates in 2014 regardless of the unemployment rate in the UK. Bank of England Governor, Mark Carney, has stated that when UK unemployment reaches 7%, UK interest rates will be reassessed and the more bullish of analysts are predicting that this target will be changed during the year.
Goldman Sachs are predicting that UK unemployment will be between 6.5% and 7% by the year-end and that the UK economy will grow by 3% this year, driven by the "ongoing recuperation of the UK's banking system" and higher demand from trade partners.
It also believes that inflation will remain at 2% and Scotland will stay part of the UK.
The US dollar rose against its major currency peers as investors cheered stronger than expected US private sector jobs growth data, an indication that the world's largest economy is recovering and that the recovery is gathering momentum towards the end of 2013.
Last night saw the publication of the latest Federal Reserve policy meeting minutes from December in which it trimmed its massive bond buying programme by $10 billion a month from $85 to $75 billion a month.
In the euro zone, unemployment remained unchanged at record highs for the eighth-month running according to the latest data from Eurostat with the November jobless rate for the region remained unchanged at 12.1% with Austria (4.8%) and Germany (5.2%) the two euro zone members with the lowest levels of unemployed and Greece (27.4%) and Spain (26.7%) suffering with the highest jobless rates.
Meanwhile, the International Monetary Fund (IMF) will revise its global growth forecast in an upwards direction in about three weeks according to its Managing Director Christine Lagarde who told a press conference in Nairobi "We will be revising upwards the global forecast of the economic growth" adding that it would be premature to say any more at this stage.
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Source: moneytransfer.co.uk