As the UK heads towards another possible recession there was further evidence that the current economic climate was taking its toll on the country with figures showing that the number of empty shops in 2012 is set to rise. Last year saw some major high street names enter recession including Barratts, Focus DIY, Best Buy, Habitat and Lombok. While a weakening economy has contributed to the high streets downfall the research also stated that a rise in online shopping had also hampered sales at traditional high street stores and that this would continue to rise. However, should we officially enter recession it is likely we will see retail figures fall and more boarded up shops in town centres up and down the country as consumers tighten their purse strings. With the retail sector making up a large part of the UK economy any weakness here could push the UK further into the potentially forthcoming recession and as a result could weaken the current Sterling exchange rates.

Meanwhile in Europe an EU commissioner has stated that the Euro would survive should Greece default and leave the Euro. Despite comments from Angela Merkel yesterday stating Germany will not accept Greece going bankrupt this news places more pressure on Greece and the current talks aimed at ensuring Greece get their much needed bailout funds. Talks are on-going in Europe which means there are still likely to be many twists and turns still to come. So, if you need to buy euros and are looking for exchange rates make sure you stay in close contact with your currency broker here at Foreign Currency Direct plc so they can keep you informed of any movement in the currency market that could impact your money transfer.

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