UK Economy Still Under Pressure
Comments from the Institute for Fiscal Studies (IFS) has shown that despite the recent improved UK growth there are still concerns surrounding the economy. With spending cuts still to happen the full picture of the UK economy is still not clear the IFS have warned and that the current levels of growth cannot be taken from granted. It is a stark warning from a well respected think tank and does raise a very valid point, while the growth is good now, how will the economy react when more spending cuts come into play. For those with a currency transfer Sterling is currently on something of a high against most the major currencies but should the spending cuts hit the UK then it may mean we could see Sterling suffer as a result, so the current positive trend should not be taken from granted. In what is a relatively quiet week for economic data it would be worth speaking with one of our helpful currency brokers here at Foreign Currency Direct plc so we can keep you informed of all the latest currency news and how it may impact upon your currency requirements.
Greece Announce New Budget
A new budget for 2014 has been passed in Greece in an effort to finally bring to end the long drawn out recession the struggling country finds itself in. Prime Minister Antonis Samaras stated that this budget was the first decisive step in exiting the bailout, something which after 6 consecutive years in recession is well needed. Whether this budget will be the answer the country has been looking for is still up for debate and time will only tell for sure, however it is refreshing to see some steps being taken.
JPY Exchange Rates – Japan Growth Revised Down
It has been announced this morning that one of the world’s largest economies, Japan, has had its economiv growth revised down. Growth in Japan showed at 0.3% for the 3rd quarter of this year which was down on the forecast and means that the annualised rate of growth was 1.1%. While the growth is good news for the country the fact that they are falling from the predicted figure and remain close to 0 growth does mean there is pressure on Japan, the recently elected Prime Minister Shinzo Abe and therefore the JPY. After years of minimal to no growth the new government with the aid of the Bank of Japan announced a number of economic measures to try and stimulate the economy and so Gross Domestic Product (GDP) figures in Japan will be watched closely to see how successful the policies are. So, if you need to buy JPY then it may be worth to speak to one of our experienced currency brokers today to discuss your transfer and the different options available to you. You can call straight through to our trading floor for free on 0800 328 5884 or if calling from abroad call us on 0044 1494 72535 alternatively email me on email@example.com