Eurozone Recession Close and how it may affect Sterling Euro exchange rates
According to a survey in Europe activity among firms in the Eurozone has seen its sharpest decline since June 2009. The survey published by Markit Flash showed PMI fell to 45.9 last month from 46.3 in August. Anything below 50 represents contraction so this is a real sign that there is a marked slowdown in Europe. As the continent spent most of August on holiday the effect has continued through to this month and with Christmas not too far in the future we could see things getting worse for the single currency. Whilst many countries all slowed there was a clear sign that Germany’s rate of decline was very quick compared to the other nations. Unemployment increased for the ninth month running and the figures published in France showed a contraction to 44.1 the worst since April 2009.
If these data releases continue I would not be surprised to see the Euro weaken over the next few weeks as the only fightback we have seen are the comments from Mario Draghi and the recent vote in Germany which saw the single currency improve by 3% since its recent highs of 1.2860. Across the pond in the US growth in the manufacturing industry has remained okay and the figure was at 51.5 showing growth in the US which is good new for the global markets as if the world leader is growing it helps others. This could also see a strengthening of the US Dollar and a weakening of the Euro as investors return to the US Dollar and bypassing the Euro. Unemployment benefits also dropped marginally and I think the economic news in America could continue to come out positively in the run up to the US elections in November.
For further information as to how to save money on currency transfer please do not hesitate to contact me directly Tom Holian [email protected] or feel free to follow our sister website www.australiandollarforecast.com for up to date information on the progress of the Australian Dollar.
2012-09-20 16:40:33
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