Sterling exchange rates fell further against the Euro yesterday as confidence continues to build for the single currency economy while the concern that on the 25th it will be announced that the UK is getting closer to a triple dip recession. As a result we are falling further away from the 1.20 marker on Sterling Euro exchange rates (presenting good opportunities for those clients looking to sell Euros) and we are also falling further from the 1.60 level on Sterling Dollar exchange rates. However, if you need to buy Euros or buy Dollars then make sure you speak to us so we can discuss the options open to you including limit orders where you can target specific exchange rates.
In a sign that the global economy is still under significant pressure it was announced yesterday by the UN that the number of people out of work rose by 4 million people in 2012 resulting in a total jobless figure of 197 million. Worryingly the UN also predicted that this figures is predicted to grow by a further 5.1 million this year and then another 3 million in 2014 highlighting just how weak the global economy is. For economies around the world to start recovering we will need to see more people in work and the fact that a large increase in unemployment came from developed country really highlights that the countries that in the past have pushed forward global growth are struggling and at the moment the world is relying on economies such as the BRIC’s (Brazil, Russia, India and China).
In Japan it was announced that they would double their inflation target to 2% and has offered to do “open-ended asset purchases” from 2014 in an effort to pump billions of Yen into the Japanese economy in order to help stimulate growth. This has all come following the introduction of the new Japense Prime Minister Shinzo Abe. It is hoped that these drastic new steps taken will bring some confidence to the Japenese public which will then encourage them to start spending and therefore boost growth in Japan.
Finally, in the UK Sir Stuart Rose, ex of Marks & Spencers, has been appointed chairman or Ocado. Sir Rose has been brought into Ocado to help deliver a significant growth strategy for the company which mainly deals in Waitrose deliveries. With the UK high street such a vital part of the whole UK economy it is encouraging the see companies focussing on growth and expansion as this is what is needed to help the country get out of the current mess we are in.
For more information on any of the topics discussed or if you would like to discuss your currency requirements and the options available to you then please do not heistate to contact us on 0044 1494 849630 or email me on firstname.lastname@example.org