Figures released yesterday have shown that unemployment figures in the Eurozone have hit a new high with the official figure showing 11.8% which equates to 26 million people. One of the highest rates of unemployment was seen in Spain which has 26.6% level of unemployment which for many is seen as unsustainable and one of the major reasons why the country is in such deep economic trouble. Greece also has an incredibly high level of unemployment at 20% which again has placed enormous pressure on the already struggling and debt laden economy.However, despite these negative figures the European Commission President Jose Manuel Barroso said that he believed the worst of the issues were over claiming that last September’s statement that the ECB (European Central Bank) would buy unlimited amounts of Eurozone country’s debt to help them get out of the current mire. This statement did bring back confidence to the Eurozone but from my perspective does not mean the single currency economy is out of the woods yet.
More positive retail sales figures were released yesterday this time with Sainsbury’s stating they have seen a rise in sales over the Christmas and New Year period with their customer numbers hitting a new high. Sainsbury’s are not the first major retailer to announce positive figures and as we hear more positive news it does bring some confidence that the UK overall retail sales figures will be strong which could in turn help Sterling exchange rates. With the UK struggling and key parts of the economy such as the housing market under pressure it is important that if the UK and Sterling
If you are looking to send money abroad and are looking for fantastic exchange rates then make sure you speak to one of our experienced and professional currency brokers here at Foreign Currency Direct plc who will be happy to discuss your currency requirements and all the options available to you. You can call straight through to our trading floor for free on 0800 328 5884 or if calling from abroad you can call on 0044 1494 725353 or email me directly on firstname.lastname@example.org.