News and Reviews European Economic Zone

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News and Economic Review European Zone (UK)

 

Stumbling Sterling Global Concerns

Friday, June 8, 2012

 

Pounds was thrown from the highest level one week versus the U.S. dollar on Friday as surging demand for back safe-haven currencies like the greenback on concerns about slowing global growth.

 

Some anxiety about the worsening economic data from China on the weekend after a surprise PBOC cut interest rates on Thursday also contributed to trigger risk aversion in the market.

 

"It appears that the risk rally began to run out of steam for the moment," said Adrian Schmidt, forex analyst at Lloyds TSB. "With Cable is hit by the rating downgrade of Spain and Greece are also ahead of elections next week, maybe only a short-term movements will range between $ 1.5250 and $ 1.5600."

 

While the UK economic data on Friday showed inflation at the producer level slowed to its lowest level in more than two years, despite the BoE survey released at the same time show if British consumers expect prices to rise to a higher level within the next year than expected three months ago. It is possible to give the BoE a little leeway to determine the continuation of the QE program policy meeting next month.

[mynameisandhy]

News and Review of European Economic Zone

 

Spain Back Haunting Euro debt

Friday, June 8, 2012

 

The euro slipped on Friday following a downgrade credit rating three levels of Spanish and increasing signs of economic weakness in Italy and Germany, which spurred fears of a worsening debt crisis and put the euro zone single currency in a very vulnerable position.

 

Negative sentiment was compounded by reports of an EU source told Reuters that German and say if Spain might seek aid package over the weekend to shore up troubled banks financing.

 

"Spain is increasingly in the spotlight following the appearance of several reports that Spain will formally request the help of the European Union at the weekend," said Vassili Serebriakov, currency analyst at Wells Fargo Bank. "Weak European Data also has added to selling pressure on the Euro."

 

Concerns about increased risk of the euro zone recession after data released Friday showed industrial productivity Italy dropped more sharply than expected in April, while German imports declined at the fastest pace in two years.

 

Most analysts argue if the selling pressure may be the stronger euro next week, in which Greece will be held again on June 17 next election in the first post-election political turmoil. A victory for the party's anti-bailout will increase the risk of Greece to leave the euro bloc.

[mynameisandhy]

News and Review of European Economic Zone (Italy)

 

Italy Ready to face financial turmoil

Monday, June 11, 2012

 

Policies that have been implemented have made the Italian Rome ready to face the financial turmoil, according to industry minister Corrado Passera. "In recent months, Italy has done what is necessary to save himself," Passera said when asked if the Spanish aid agreement means Italy may also need a bailout. "Italy does not need bailout funds until whenever."

 

"The government's austerity policy has strengthened the position of Italy is better than some other countries to deal with financial turmoil in Europe," Passera said as he uttered the Spanish banking assistance to demonstrate the ability of Europe to do what is necessary.

 

Meanwhile, the euro weakened on the New York session. EUR / USD is now trading 1.2500, 1.2668 daily high level away from

[mynameisandhy]

News and Review of European Economic Zone (Cyprus)

 

Cyprus May Need Bailout Of Europe

Monday, June 11, 2012

 

Cyprus will probably be the next euro-zone members to be proposed bailout by the end of June. "The problem is quite urgent. Cyprus need to recapitalize the banking sector before June 30 and the time was only a few days," the finance minister said Vassos Shiarly.

 

Cyprus is trying to find funds to save the 2 largest bank, Cyprus Popular Bank, which was devastated by the Greek debt-cutting program ahead of the June 30 deadline. When asked whether Cyprus will ask for the help that only focus on the banking sector saw the possibility of a comprehensive package Shiarly. "We also need to assess funding needs in the future, not only current conditions and banking course," said Shiarly.

 

Cyprus in desperate need of funding and has been closed to international financial markets during the past year. Capital injection for the Cyprus Popular Bank equivalent to 10% of GDP and the government still had a deficit shortfall? 1.8 billion. Cyprus also have to deal with short-term debt that will mature next year worth? 2 billion.

 

Shiarly can not say how much financial aid will apply. Given the bailout usually occurs during the weekend of Cyprus may be a request on June 17, coinciding with the election of Greece, or the weekend June 23 to 24 before the EU summit.

 

Meanwhile, the euro weakened on the New York session. EUR / USD is now trading 1.2505, 1.2668 daily high level away from

[mynameisandhy]

News and Review of European Economic Zone

 

Euro Weakens Related corrected Status Bailout Spain

Monday, June 11, 2012

 

The euro slid down during the European trading session on Monday due to tension investors welcomed a Spanish bank recapitalization plan is only a cold welcome, considering that there are still risks to the electoral structure of the Greek and Spanish bailout deal is not yet clear.

 

Observed so far pairing EURUSD traded 0.26% higher, at 1.2548 level, after reaching the highest point in the 1.2670 intraday and daily lows at 1.2528 it.

 

Reinforcement only temporary euphoria, where the Euro currency failed to hold the rally and turned again below 1.2575 vs dollar while the yield on Spain in the 10-year tenor remained above the key level of 6%.

 

Six days before the election Greek, there is still uncertainty whether the bailout fund EFSF Spanish using a source of funds or permanent facilities ESM, because the differences between them is the credit rating status, which the ESM facility will give the lender a higher status than the EFSF so this may be an additional incentive for bondholders.

[mynameisandhy]

News and Review of European Economic Zone (UK)

 

UK Manufacturing Production Fall

Tuesday, June 12, 2012

 

UK manufacturing fell more than economists forecast in April, pointing to continued economic weakness at the beginning of the second quarter. Factory output fell 0.7% from March, led by pharmaceuticals, aircraft maintenance and production of food and beverages, based on data from the Office for National Statistics in London.

 

A report earlier this month showed manufacturing shrinking at least the past three years in May due to government budget cuts and the euro zone debt crisis hamper growth. While the Bank of England to leave the target unchanged bond purchases this month.

 

"The main challenge is to limit the domestic and international production and at least short-term prospects," Howard Archer, economist at IHS Global Insight in London, before the release of data. "The weakness of the euro zone economy quite a burden for overseas demand." Of the 13 categories in manufacturing, up seven and six declined in April from a month earlier, the statistics office said. From the previous year, manufacturing output fell 0.3% in April.

[mynameisandhy]

News and Review of European Economic Zone (Italy)

 

Italy may also Need Bailout

Tuesday, June 12, 2012

 

Finance minister of Austria, Maria Fekter, said Italy may need a financial rescue fund due to higher borrowing costs. Yet there is no express indication Fekter Italy plans to apply for a bailout. Anxiety was also expressed by the German government's economic adviser, Lars Feld. "Troubleshooting Spain will calm the market for a while, but the possibilities are so small that Italy will also need help, especially if Rome is less ambitious reform the labor sector," said Feld, told Reuters.

 

The market is still worried the crisis will last longer in the middle of the lack of European commitment to address the problem. The market also saw financial aid? 100 billion to Spain only in the short term problem and not the solution to the crisis that has entered its third year. "Italy must work hard to overcome the deficit and debt. However, with the high cost of borrowing the Italian government bonds may also need a bailout," said Fekter. Italian Finance Ministry declined to comment on the statement Fekter.

[mynameisandhy]

News and Review of European Economic Zone

 

States Can Have European Banking Next Year

Tuesday, June 12, 2012

 

States banking (banking union) that allows monitoring of all creditors in the European Union may be formed next year, according to European Commission President Jose Manuel Barroso. "The EU must take a very big step to realize deeper integration," Barroso said in an interview with the Financial Times. The plan will also include a guarantee of deposits and funds to rescue financial institutions. Barroso optimistic banking union can be realized in 2013 without changing the EU treaty.

 

Barroso believes London and Berlin saw the need for banking union in the European Union, although perhaps the UK will opt not to join the guild bank. Britain had previously insisted would not join the union if the union bank supervised by the European Union or the union is responsible for injecting capital to banks, the euro zone.

 

Meanwhile, the euro rose on the London session. EUR / USD is now trading 1.2518, 1.2449 daily stay away from low level

[mynameisandhy]

News and review European Economic Zone (Germany)

 

Market response to the German 10-year bond auction

Wednesday, 13 June 2012

 

The results of 10-year German bond auctions just released show that the market did not see any significant decline in economic conditions in Germany, German 10 year bond yield increased from 1:47% to 1:52% and the bid to cover ratio decreased from 1.5 to 1.4. The absence of data makes the euro weakened slightly from 1.2548 to 1.2530 and reversed course again because the market was seeing the results is still slightly better than market expectations. a statement from the PM Spanish Rajoy that Spain will most likely use funds from the ECB for the financial sector also helped them to move higher against the Euro rival USD. in the European session this afternoon market also saw a comment from Prime Italian Monti said it was still not require further funding, and this statement is regarded as one of the positive momentum for the single European currency.

[mynameisandhy]

News and Review of European Economic Zone

 

Greece May Need to Be Out Of Euro-Zone

Wednesday, June 13, 2012

 

Europe may need to sacrifice Greek membership of the euro-zone to convince Germany to provide more funding to save the euro, according to British Finance Minister George Osborne. Germany, Europe's largest economy and biggest contributor to the bailout funds, played a crucial role how the euro-zone debt problems and proposals for establishing a banking union. UK, European Union members but not members of the euro-zone, has repeatedly locked horns over how to handle the crisis. London has even refused to take part in the proposed union of banking and fiscal pact.

 

"I do not know whether Greece should leave the euro zone, European officials to implement policies necessary to ensure the sustainability of the euro," Osborne said when interviewed by The Times. "I do not know if the German government to Greece to get out of the euro-zone in order to gain public support for the banking union plan, Eurobonds, and so on." Comments Osborne was released just days before the election in which the Greek voters will decide the fate of Athens in the euro-zone.

[mynameisandhy]

News and Review of European Economic Zone

 

European crisis continues to hit euro

Wednesday, June 13, 2012

 

The euro fell today (13/06) ahead of the Italian bond auctions to be conducted today and tomorrow. This weekend, Greece will implement a general election after failing to reach an agreement before the election.

 

The euro weakened after the return for Spanish bonds rose to around its highest in history. Bailout of 100 billion euros that the EU against Spain questioned by investors. Austrian Finance Minister said that Italy will probably need a bailout. It adds to the burden of EU members to save more.

 

The euro fell 0.1 percent to 1.2493 per U.S. dollar. on June 1 yesterday, the euro had touched the lowest in the range of 1.2288 per U.S. dollar. throughout 2012, the euro was down 7 percent from the European crisis which never stopped pressing.

 

Against the yen, the euro rose 0.2 percent to 99.50 per yen. Yet Japan's export sector is likely to limit the strengthening of the euro below 100 yen.

 

Spanish dikhawatirkanakan Yunanimeskipun suffer the same fate with a bailout has been granted from the European Union. While Italy will test at 4.5 billion euros of bonds tomorrow.

[mynameisandhy]

News and Review of European Economic Zone

 

European markets fell slightly in the opening

Thursday, June 14, 2012

 

European stock markets opened with a decline in the trading session Thursday, with banking stocks the Spanish and Italian government bonds came under pressure.

 

The previous day, Moody's cuts Spain's credit rating by three levels, while the market will continue to monitor the results of government bond auctions in Spain and Italy today.

 

Europe Stoxx 600 Index fell 0.3% to a level of 241.83, with shares of Royal Dutch Shell PLC posted a 0.5% psaca kelanjutaanya announced the stock offering Cove Energy PLC.

 

Spanish IBEX 35 index fell 0.3% to a level of 6594.40, led by banking stocks decline BBVA SA is down 0.8% and 1% decline in shares of Banco Popular Espanol SA.

 

In Germany, the DAX 30 fell 0.3% to a level of 6136.65 and the CAC 40 fell 0.2% to 3,022.64 level. While UK FTSE 100 index recorded a decrease of 0.3% to a level of 5466.60.

[mynameisandhy]

News and Review of European Economic Zone

 

Italy ahead of bond auctions, the euro fell

Thursday, June 14, 2012

 

The euro fell against the dollar today (14/06) as investors are concerned about the Greek general elections to be held this Sunday. in addition, investors also anticipate the Italian bond auction today. Swiss National Bank will conduct a policy meeting today.

 

The euro was at 1.2563 per dollar after briefly touching 1.2588 per U.S. dollar yesterday. The dollar index, which is a comparative value of the dollar compared to six other major currencies, was at 82.148. The dollar index declined after falling into the range of 82.126 yesterday.

 

Aided by a surge in euro bond auction that Italy will sell 4.5 billion of bonds today with the medium and long term maturities. Auction raises speculation that Italy will be the next state of the European Union which requires an international bailout.

 

Yesterday, Moody's Investors cut its credit rating Spain and Cyprus. Both countries are still in control and will probably cut the rating again.

[mynameisandhy]

News and Review of European Economic Zone

 

Italian Pay More Expensive To Auction Bonds

Thursday, June 14, 2012

 

Italy have to pay higher prices when auctioned bonds as investors worried about the spread of the euro-zone debt crisis further. The cost of borrowing three-year tenured bonds surged to 5.3%, higher than the previous auction of 3.91%. However, there is still sufficient demand so that the government managed to get the funds? 4.5 billion; near the upper limit of the set target of Rome. The ratio of bid-to-cover please register a slight increase at 1:59; higher than the previous auction 1:52 times.

 

In the meantime, please register strengthening euro thin in the London session. EUR / USD is now trading 1.2574, trying to stay away from daily lows 1.2542

[mynameisandhy]

News and Review of European Economic Zone

 

Stronger European markets in early session

Friday, June 15, 2012

 

European stock markets gained in opening trading on Friday (6/15/2012) to deal some major central bank to continue the monetary stimulus.

 

Index was also lifted by easing concerns over Greek election results. Europe Stoxx 600 Index rose 0.4% to 242.70 with HSBC Holdings shares led the stock rose 1% and BP is also up 1%. So quoting yahoofinance.com.

 

World-class retailers to stock up 2.4% after second-quarter sales exceeded expectations. Index Spain IBEX rose to near 1%. While the DAX index rose 0.5% menjdai 6171.42, the CAC rose 0.7% to 3054.87 and the FTSE index rose 0.4% to 5487.88.

 

While the exchange rate of euro rose slightly against the U.S. dollar and some of the major currencies in Asian trade today. Markets are also awaiting the action of some of the world's major central banks to make further monetary stimulus. Euro exchange rate to U.S. $ 1.2631 from U.S. $ 1.2613. While the U.S. dollar exchange rate fell 0.05% against six major currencies in the global market. The dollar fell to 81.770 from 81.917 in trading Thursday.

 

Crude oil prices in Asia rose 0.8% to U.S.% 84.65 per barrel. Gold futures rose 0.3% to U.S. $ 1,624.80. Yen exchange rate fell 0.5% to 78.94 per U.S. $.

[mynameisandhy]

News and Review of European Economic Zone

 

Moody's downgraded the bank the Netherlands and Belgium

Friday, June 15, 2012

 

Cut-cutting season rankings come increasingly heavy financial crisis whack. After banking in Spain, which lowered the credit quality, now turn for banking in the Netherlands and Belgium which ranks cut by Moody's Investor Services.

 

Long-term debt rating at ING, Raboobank, ABN Amro, LeasePlan Corp. and KBC be downgraded two levels. While the SNS down one rank.

 

"Banking the Netherlands will face the thorny issue throughout 2012 and possibly longer than that time," said Moody's.

 

Downgrade is in response to the increased risk of investing in Spain, Italy and Cyprus. "The Netherlands and Belgium will be affected by debt problems of the European Union and the weak condition of the region," said Moody's.

 

Among the Dutch bank, ING is currently ranked in the A3 while subsidiary of ING Bank in A2, Raboobank decided to Aa2, A2 and ABN Amro to LeasePlan Corp. to Baa2. Then there is at Baa2 SNS, this bank had a negative outlook, while others have a stable outlook.

 

Meanwhile, the Belgian bank KBC Group cut two notches to Baa1 and A3 unit to KBC Bank.

[mynameisandhy]

News and Review of European Economic Zone

 

Fearing a crisis, Carrefour pull out of Greece

Friday, June 15, 2012

 

French giant retail chain, Carrefour will pull out of Greece. Carrefour will sell shares of the joint venture due to fear of the situation in Greece.

 

The second largest retailer after Wal-Mart will sell shares to strategic partners with Marinopoulos the transaction value of approximately 220 million euros, or U.S. $ 278 billion.

 

"This is a response to the Greek economy," says management. Carrefour shares rose 1.68% immediately after the announcement.

 

Greece condition continued to deteriorate despite the European Union continues to help the country avoid bankruptcy. Greece even feared to be frozen out of the unity of the single currency euro.

[mynameisandhy]

News and Review of European Economic Zone

 

Thanks to the Greek elections, strengthening Euro Record High

Monday, June 18, 2012

 

Greek election results led to the victory party that will pro bailout. As a result, the euro exchange rate against the U.S. dollar (U.S.) is able to strengthen. Strengthening of the euro, the highest bahakan be strengthened in the past month.

 

The euro rose to $ 1, 2747 per euro, from approximately $ 1, 2655 per euro at the weekend. However, with low trading volume, as if showing that traders remain cautious about the future of the euro zone.

 

Technically, the euro had broken through resistance at $ 1, 2670 per euro, with the next support level at $ 1, 2745 per euro. Apart from the U.S. dollar, the euro also recorded up to the Japanese yen. While the U.S. dollar edged up to approximately USD78, 90 per yen, from the previous USD78, 65 per yen at the end of the weekend.

 

This currency dollar rally with Australia and New Zealand to the highest level in more than a month. The Aussie rose to $ 1, 0124, from approximately $ 1, 0048.

 

"There is still some uncertainty about what the new government to the economy, and the market is waiting for clarity about it," said economist at Commonwealth Bank of Australia, Peter Dragicevich, as reported by Reuters on Monday (6/18/2012).

 

"But the election, had no effect on the Spanish banking issues and the slowdown in the economy in the region eruo. So we do not see any significant change in the euro zone," he added.

 

For your information, the calculation of Elections in Greece has reached 80 percent of the vote count. Democratic Party had 30.1 percent of the vote to the left-wing radical, SYRIZA by 26.6 percent, while PASOK had 12.5 percent

[mynameisandhy]

News and Review of European Economic Zone

 

Greece certainly remain the EU, the euro rose sharply

Monday, June 18, 2012

 

The euro rose sharply in the last month after playing shows estimates of the pro bailout has the biggest voice in the parliament so that Greece can certainly not going to leave the euro zone.

 

After Kementeraian of the Interior indicated New Democracy party could form a government with Supply, 1% euro continue strengthening against the dollar last week. Meanwhile, the dollar and the yen weakened against other major currencies as Asian stocks gain.

 

The euro rose kelevel $ 1.2748 per dollar, its highest since May 22. The euro rose 1.2% to? 100.65 and go up to 80.90 British pence.

 

After the 21 parties participating in the election yesterday, the competition is now switched on Syriza leader Alexis Tsipras promising retaliation for the budget cuts required by the creditor and the New Democracy leader Antonis Samaras said that his opponents are at risk of removing Greece from the euro zone.

[mynameisandhy]

News and Review of European Economic Zone

 

Euro Weakens Start, Going down to low session

Monday, June 18, 2012

 

While the initial impetus for the single currency to move up the level of 1.2670/75, where the market seems to prefer the greater attention to other things, like Spanyiol remains to be supervised.

 

Currently, the market still has no clear indication whether the bailout for Spain will be available through a grant program EFSF / ESM, and what the consequences will be accepted. It is a burden Euro, which began to appear to move down.

 

Back in the Greek election results, the research team from Societe Generale said: "The fears of Greece from the European release date has been muted for now, although still very good condition will occur, Greece still must strive to meet the target of an existing program and return to negotiations 3 for the program to Greece will soon dikajukan. Moreover, this has yet to address the fundamental pressures experienced by Spain and Italy ".

[mynameisandhy]

News and Review of European Economic Zone

 

Support your Resource Strengthening the European Exchange

Tuesday, June 19, 2012

 

European stock indexes moved up this Tuesday at the resource sector lifted the index to rise, while food retail stocks added to pressure after the cuts profit target of Danone SA.

 

Europe Stoxx 600 index moved up 0.3% to 245.00. Yesterday, the stock index closed at its highest level since May 22, following the Greeks won the election results while the New Democracy party in Greece.

 

Leading shares hit strengthening food retail market after the stock Danone SA cut its 2012 earnings. Demand in Europe, particularly Spain, fell sharply than expected in the second quarter.

 

Danone shares fell 6.1%, while shares dropped 0.9% Nestle SA and Unilever PLC fell 2.5%.

[mynameisandhy]

News and Review of European Economic Zone

 

European Shares Up Limited Germany ZEW Post

Tuesday, June 19, 2012

 

European stocks rose on Tuesday terkerek, bolstered hopes that the party of New Democracy in Greece will reach a coalition agreement with the Socialist Party Supply, on the other side of the surge in Spanish bond yields still limit gains.

 

Monitored by far London's FTSE index rose 0.56% at 5,479.00, while Germany's DAX stock rose 0.23% to a level of 6,260.0 and the French CAC dropped -0.24% 3,060.0 Evel traded dil. While the Spanish bond yields on the 10-year tenor soared to a level of 7:27% so far.

 

G20 Summit which entered the second day is still not produce concrete decisions that add to the disappointment of investors who had hoped the meeting could produce a solution to the slowdown in global growth.

 

In economic terms, the strengthening of European stock exchanges are also limited by reports of German ZEW economic sentiment released -16.9, compared to +10.8 plummeted in May, while the economic situation fell to 33.2 below the estimate of +39 and sagging than a report in May of +44.

[mynameisandhy]

News and Review of European Economic Zone

 

Spain Selling Bonds Worth 3 Billion Euro

Tuesday, June 19, 2012 16:30 pm

 

The Spanish government was forced to pay a yield at the highest level since the Euro to issue bonds 1-year tenure on Tuesday and became a test of the interest of investors of government securities are in danger of being asked for the bailout.

 

Madrid issued a 3 billion euro bond on the tenor of the 12-month and 18-month, in which bond yields soared sharply to a level of 5074% as the uncertainty and tension Spanish investors, compared to the previous bond yield when the auction amounted to only 2985%. The ratio of bid-to-cover letter describing the demand for Spanish debt alone rose to 4.4 compared to 3.2 in the previous auction in May.

 

On Thursday next, the interest of investors of debt securities Spain 5-year tenure will be re-tested and expected demand is still quite good, but at levels much higher yield.

[mynameisandhy]

News and Review of European Economic Zone

 

Euro gains against the yen end

Wednesday, June 20, 2012

 

The euro fell against the yen, ending the last increase before the Spanish bonds auctioned tomorrow. EU leaders are still trying to resolve the crisis in different ways.

 

Demand for the dollar dibasi by speculation that the Fed will relax its policy as a result of Rapar for two days, which ends today. while the New Zealand dollar weakened against 16 other major currencies after data showed the trade deficit in the first quarter of the country's higher than expected.

 

The euro fell 0.2 percent to 100.01 yen in London. Yesterday, the euro rose 0.7 percent against the dollar. Against the dollar, euro slightly declined to 1.2679 per U.S. dollar. while the yen strengthened 0.1 percent against the dollar to 78.89 per U.S. dollar.

 

On June 18 last, return for bonds with maturity of 10 years Spain's pemeritah touched 7.29 percent range, the highest range in European history. Level 7 percent is the level that led to Greece, Ireland and Protugal in bankruptcy.

 

On June 1, the euro touched its lowest range since 2000 against the yen at 95.60 yen. While the dollar index, which is the benchmark value of the dollar with six other major currencies, was 0.3 percent of the lowest range in the past month.

[mynameisandhy]

News and Review of European Economic Zone (UK)

 

The results push the pound higher BoE meeting

Wednesday, June 20, 2012

 

Pound away from lower-level session in the session against the dollar Wednesday after the Bank of England meeting in June indicated that the central bank is likely to implement new stimulus measures as soon as next month.

 

The results of the meeting in June showed that only four members who approved the policy BoE quantitative easing this month, including central bank governor Mervyn King, while five did not support.

 

Data on Tuesday showed UK consumer inflation unexpectedly fell in May to trigger expectations of monetary easing from the BoE, so far inflation has been reduced even more rendahd ari expected the central bank.

 

Meanwhile, official figures today showed the number of UK jobless benefit claims rose to 8100 in May, 3000 decreased tear down expectations. Britain's unemployment rate remained at 8.2% rate, it is still in line with expectations.

 

Markets were also looking forward to the meeting or the announcement of monetary policy from the Federal Reserve meeting that will be released today, accompanied by a press conference Chairman of the Federal Reserve, Ben S. Bernanke to explain about what the decision is taken, in the middle of the discourse that the U.S. central bank will likely also apply all three monetary easing after a series of disappointing results on U.S. economic data.

 

Pound observed away from the session away from the lower level against the dollar at 1.5651 level, to hit 1.5725 during European morning trading, edged up 0.01%. But the pound weakened slightly against the euro, down 0.12% to hit 0.8075.