Eurozone Unemployment Falls
It has been confirmed that for the first time since 2011 Eurozone unemployment has fallen although the figure is still at 12.1% which is a worryingly high level. Spain and Greece continue to have the the highest levels in the single currency economy with both countries bosting an unenviable 27% level however at the same time countries like Austria have only a 5% unemployment rate which just goes to show what large disparities there are between EU nations and therefore how difficult a one size fits all policy is for managing the Eurozone. With weak economic growth and interest rates at an all time low for the zone high unemployment is not going to help the Eurozone get back on track. It is clear that in order for the Eurozone to improve on its current position we will need to see unemployment fall and so the news this morning is good although there is a long way for it to go.
Despite the news this morning Sterling has continued to strengthen against the Euro pushing up towards the highest levels for nearly one year. So, we are currently witnessing some excellent opportunities to buy Euros so if you need to buy EUR then speak to us today.
UK Debt Rising as Retail Sales Expect Boost
It has been announced that household debt within the UK has risen to a record high totalling £1.43 trillion which does include mortgage debt. With the UK economy seemingly on better footing it is clear that we are still far from out of the worst of it as this huge levels of debt illustrates just what a precarious position we are in. Should the housing market collapse again then it will leave thousands in negative equity making the high level of debt even more of a concern. However, while UK citizens apparently find themselves in large levels of debt there is clearly still plenty of money being spent as today is expected to be the busiest online shopping day ever and is being dubbed Cyber Monday. While there are many predictions of how much will be spent online today we wont know for sure until the official figures come in however it is sure that millions will be spent in the run up to Christmas which will provide yet another timely boost for the UK economy and therefore Sterling exchange rates.
If you need to transfer money internationally and would like to discuss the currency market outlook and the different contract options available to you please speak with one of our senior currency brokers today on 0800 328 5884 or if calling from abroad 0044 1494 725353 or alternatively email me on firstname.lastname@example.org