The Gross Domestic Product (GDP) figures in the UK yesterday showed very positive growth for the UK coming out far better than expected and as a result showed the UK is no longer in official recession. It appears from the GDP figures the Olympics had the much needed boost that many analysts had predicted, the question now will be will the economy fall back with no Olympics effect to keep it growing towards the end of the year or will the impact of Christmas help keep GDP figures positive into 2013. The fact we are now out of recession meant that Sterling exchange rates pushed back up against a number of major currencies including Sterling Euro exchange rates pushing back close to some of the highest levels we have seen for some time. Sterling Dollar exchange rates have also rebounded from the recent lows presenting some good opportunities for clients looking to buy Dollars.
In the meantime news this morning has shown that the already high Spanish jobless rate has hit a new record high as the official rate hit 25% while unemployment of 16-24 year olds is at a staggering 52%! 5 years ago Spanish unemployment has risen from 8% to the current levels which just goes to highlight the problems the country faces. The property market in Spain not only contributed significantly to the economy but also created a number of jobs which since the housing market crash resulted in significant job losses. With Spain such a major part of the EU economy it will need to resolve its employment issues before we see any improvement in the economy and therefore the EUR.
If you need to send money abroad and are looking for the fantastic exchange rates make sure you speak to one of our experienced currency brokers today who will be happy to discuss your currency requirements and the options available to you. You can call straight through to our dealing floor for free on 0800 328 5884 or if calling from abroad on 0044 1494 725353 or email us on email@example.com.