News and Reviews European Economic Zone

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News and Review of European Economic Zone

 

Euro Moving in Level 6 Week Low Before ECB Meeting This Week

Monday, November 4, 2013

 

The euro fell to its lowest level in six weeks against the dollar before the executive board member Joerg Asmussen European Central Bank speaks ahead of a policy meeting this week amid speculation the need for further stimulus .

 

The 17 - nation euro zone suffered its biggest weekly decline in the past week since July 2012, as some economists predict that the ECB which is led by Mario Draghi will cut interest rates to revive growth . Dollar little changed after the Dallas Federal Reserve Bank President Richard Fisher said the central bank's monetary policy should return to normal as soon as possible . Australian dollar strengthened against all 16 major currencies as surging retail sales report .

 

" Sentiment towards the euro has turned in a couple of days ago and it is supported by some data yan disappointing , " said Imre Speizer , market strategist at Westpac Banking Corp. . in Auckland . We would not be surprised to see Draghi just give it a little chance to cut interest rates , which is where it will stay put pressure on the euro . "

 

The euro was flat at $ 1.3505 at 16:45 GMT after falling to $ 1.3442 , the lowest level in the last week since Sept. 18. The euro has dropped as much as 2.3 % in the last week . The single currency was little changed against the yen at 133.11 . The dollar moved in the range of 98.60 yen from 98.67 last week .

 

The euro fell last week after a report on October 31, which shows the region's inflation rate unexpectedly fell to 0.7 % last month , a level seen at least since November 2009 , from 1.1 % from last month .

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News and Review of European Economic Zone (UK)

 

UK services sector accelerated At Fastest Rate In 16 Years

Tuesday, November 5, 2013

 

Growth in the UK service sector unexpectedly accelerated in October to the fastest pace in 16 years , showed continued strength in the economic recovery at the beginning of the fourth quarter .

 

Services activity index rose to 62.5 from 60.3 in September , its highest level since May 1997 , Markits Economics said today in London . The median forecast of 30 economists in a Bloomberg News survey called for would be 60 . The index has been above 50 separates expansion and contraction for 10 months.

 

Construction and manufacturing sectors in the UK is also expanding in the last month , and Markit said the last three surveys is consistent with quarterly growth of 1.3 % . Both the Confederation of British Industry and the National Institute of Economic and Social Research has estimated Rev them on this week after the economy grew by 0.8 % in the third quarter , the fastest pace in more than three years .

 

" The survey results indicate that continuous reinforcement , " said Chris Williamson , chief economist at Markit in London . " Bagaiamanapun , the service sector is one of the main drivers behind the growth of the economy at this point . "

 

New business rose to a record high in October and hiring rose at the fastest pace since May 1997 , added Markits .

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News and Review of European Economic Zone

 

In the Euro Zone Growth Outlook Amid Cuts Still Ongoing Crisis

Tuesday, November 5, 2013

 

The European Union cut its estimate for growth in the euro area in the next year as the economy is struggling to get momentum with the debt crisis memasuk fifth year and the unemployment rate at a record high .

 

GDP in the 17-nation euro zone will rise to 1.1 % in 2014, 1.2 % less than forecast in May , said commissioner in Brussels today .

 

The unemployment rate , currently at its highest level since the euro currency being introduced , will be 12.2 % in 2014, higher than 12.1 % of the predicted six months ago .

 

" Fiscal consolidation and structural reforms undertaken in Europe has created a basis for recovery . " Said economic and monetary affairs commissioner of the European Union , Olli Rehn said in a statement . " It is still too early to declare victory . The unemployment rate is still at a very high level . That is why we must continue to work to memodereniasasi European economy . "

 

A bleak outlook has given a blow to the growing sense of optimism that the euro zone will rise from the debt crisis and may make governance in the euro zone to convince financial markets that they can cope with turmoil through deficit reduction and structural reform . As commissioner of measuring the level of trust at the highest level in two years , the service sector and manufacturing output unexpectedly slowed in October and the unemployment rate at a record high at 12.2 % .

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News and Review of European Economic Zone (Spain)

 

Spanish Job Market Improves Slightly

Tuesday, November 5, 2013

 

The number of registered jobseekers in Spain recorded a decline in October , compared with the same period last year . Annual decline occurring for the first time since 2007 it was the latest sign that the unemployment situation in Spain began to show a slight improvement .

 

Spanish Labor Department report Tuesday showed the number of unemployed who filed a claim to obtain benefits fell by 22,138 from the level in October 2012 to 4.81 million . While the monthly rate , reported claims increased by 87,028 from September , which is mainly driven seasonal fluctuations in the tourism sector .

 

Recent figures support the labor market has been the government's projection that unemployment in Spain is not going to increase further before declining next year .

 

For the unemployment rate , the Labor Department does not release their projections Spain . But if it refers to the report of the report of last month's statistics agency INE , Spain jobless rate fell to 26 % in the 3rd quarter from 26.3 % in the 2nd quarter . That level is the 2nd highest in the euro bloc after Greece .

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News and Review of European Economic Zone

 

Euro Zone Retail Sales in Decline In September

Wednesday, November 6, 2013

 

Retail sale in the euro zone fell more than that of the September estimate , shown in a report on Wednesday , alongside consumers hold back purchases amid slowing economic recovery currently burdened by the highest unemployment rate on record and tighter access to credit.

 

Volume of retail trade drop by 0.6 % in September after the revision to an increase of 0.5 % in August , is said by the stastisik Europe , Eurostat today. The analysts in the Reuters survey estimate only down 0.4% .

 

Sale of food and food products outside sales volumes down and move the vehicle fuel level in September.Dibandingkan with the same period last year , retail sales rose 0.3 % as large as , after three successive months down , shown in the data.

 

Domestic demand in the euro zone is hampered by the longest recession since the ciptakanya the euro in 1999 . The decrease was also due to the high unemployment rate of 12.2 % and reached the level of economic uncertainty akapan will rise strongly.

 

The decline in retail sales in Southern Europe , especially many , with Portugal recorded a record low with a decline of 6.2% in September and Spain fell by 2.5 % , this merupaan biggest drop since April 2012.

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News and Review of European Economic Zone (Germany)

 

German Manufacturing Orders Broke Successfully Expectations

Wednesday, November 6, 2013

 

German manufacturing orders showed a sharp rebound in September following strong overseas demand for capital goods in the middle of a large amount of the high volume of orders , referring to reports of the Ministry of Economy on Wednesday .

 

German manufacturing orders rose 3.3 % in September after a record decline in the previous 2 months , which broke the 0.6 % rise expected by economists .

 

" The positive trend in order to continue, " the Economy Ministry said in a statement , adding that if the activity as a whole has shown little gain compared to the second quarter .

 

Details of the report showed a 6.8% if a surge in overseas orders have been successfully overcome the 1.0 % decline in domestic demand . The surge was mainly due to the growth in capital goods orders from the euro zone , which recorded a sharp 23.6 % increase in September . Which indicates a recovery in investment activity .

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News and Review of European Economic Zone

 

Services Sector in the Region Grows More Euro Higher Than Earlier Estimates

Wednesday, November 6, 2013

 

Index of the service sector in the euro zone grows higher than the initial estimate in October , adding to signs of economic recovery in the single currency area began to get momentum .

 

An index based on a survey of purchasing managers in the services industry fell to 51.6 from 52.2 in September , Markit Economics said in London today . It melamapui Markits the initial estimate of 50.9 . The index level is above 50 indicates expansion , for over three months .

 

Economies in the euro area will probably grow by 0.2 % in the third quarter after the exit from the longest recession in the previous three-month period , according to a Bloomberg News survey of the 31 ekonnom . European Commissioner yesterday slashed its eurozone growth forecast for next year to 1.1 % from the previous forecast in May which amounted to 1.2 % .

 

Markits composite index based on a survey of purchasing managers in manufacturing and service industries fell to 51.9 from 52.2 in September , the show in a report today . Manufacturing index unchanged at 51.3 .

 

"The economic recovery in the euro zone has lost a bit of momentum from the initial estimate in October . " Chriss said Williamson , chief economist Markits in a note today. " Survey sinyalkan growth rate of 0.2 % at the beginning of the fourth quarter , unchanged in the third quarter .

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News and Review of European Economic Zone (UK)

 

Sterling Moving Flat Before BOE Policy Decisions

Thursday, November 7, 2013

 

The pound was flat before the latest policy announcement from the Bank of England , the economists expect they will keep the benchmark interest rate at a record low and bond-buying stimulus targets unchanged .

 

Sterling is currently around 0.4 % below the highest level in five weeks against the euro . Nine- member committee that policy makers led by Governor Mark Carney BOE will mempertahanan asset purchase target at the level of 375 billion pounds ( $ 603 billion ) , based on 46 analysts' estimates in a Bloomberg survey . The officials will keep the benchmark rate at 0.5 % , is shown in a separate survey by Bloomberg .

 

"Everyone anticipates that the BOE will still retain the policy for some time to come , " said Jane Foley , currency strategist at Rabobank International , at the time in the announcement of the decision at 19:00 pm . " It would be interesting if we will see them move from there or not , because it would be hawkish rhetoric . "

 

The central bank said that they would keep interest rates at record lows sapai current unemployment rate stood at 7.7 % , down below 7 % . Carney will present its latest economic projections next week , with Goldman Sachs Group Inc. , along with other analysts expect they will improve outlooks .

 

Sterling on the afternoon was observed to move in the range of 1.6075 to the highs at 1.6090 and lowest price at 1.6064 .

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News and Review of European Economic Zone

 

Euro Maintain gains Before ECB Decision

Thursday, November 7, 2013

 

Euro still maintain its gains from yesterday against most major currencies as European Central Bank policy makers will meet today amid speculation that the economy is still fragile in the region that provide sufficient collateral for interest rate cuts .

 

The dollar index was little changed before the release of data that economists say they will show U.S. economic growth slowed in the last quarter . The Australian dollar dropped at least about 0.4 % against 16 major currencies after data showed that the number of workers grew less than economists forecast . Euro yesterday snapping a five-day against nine developed-nation currencies , with ECB president Mario Draghi will be speaking after the decision dijadwakan -centrally bank today .

 

" There are a lot of people argue that the ECB will not cut interest rates , and the euro strengthened , " said Yasuhiro Kaizaki , vice president at Sumitomo Mitsui Trust Bank Ltd. in New York . " Draghi's press conference will be one of the main focus of the market . Personally , I do not think the situation in Europe is currently deserve to cut interest rates this year . "

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News and Review of European Economic Zone (Germany)

 

Fundamentals of Solid Germany Save the Euro

Thursday, November 7, 2013

 

The euro weakened as German industrial orders data was stronger than expected dampen speculation of ECB rate cuts . Had slipped almost 2 months earlier , German factory orders jumped 3.3 % successful in September . Which is far beyond the expectations of 0.5 % of the economists . The euro has been thrown from a high above $ 1.38 after inflation data released last week fell to its lowest in nearly 4 years , which is an opportunity for the ECB to ease monetary policy again in a meeting on Thursday.

 

" The ECB is still likely to launch the statements more dovish tone in the policy announcement on Thursday , in an attempt to make a foothold for interest rate cuts and the LTRO ( Long Term Refinancing Operation ) on Dec. 5 meeting , " said Camilla Sutton , chief currency analyst Scotiabank . " While policy differences between the U.S. and European central banks , especially the ECB policy tools are limited , going back to press euro moved lower against the U.S. Dollar . "

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News and Review of European Economic Zone (UK)

 

UK Industrial Output Data catapulted Sterling

Thursday, November 7, 2013

 

Sterling appreciated for 3rd straight day versus the U.S. Dollar after data showed UK manufacturing output grew 1.2% in September, slightly better than expectations of 1.1%. In addition to adding to signs of a sustained economic recovery, these results also help Sterling extended its rally after the UK service sector PMI data on Tuesday surged to the fastest pace in 16-years. With the BoE is not expected to change in a policy meeting on Thursday, investors expect the central bank will revise its outlook for UK economic growth in the Inflation Report next week.

 

"More recent data have presented a relatively good numbers, at least for the last quarter. And it has provided sufficient impetus for Sterling," said Simon Smith, chief economist at FxPro. But Smith warned that if Sterling is likely to be difficult to move higher against the U.S. dollar from current levels.

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News and Review of European Economic Zone (Cyprus)

 

Cyprus Review Bailout Good Enough

Friday, November 8, 2013

 

Cyprus has completed the second review of the € 10 billion bailout program that was followed by the country in early 2013. Finance Minister Harris Georgiades express troika-team of the IMF, ECB and European Commission-has seen significant developments over the restructuring of the banking sector as part of the bailout deal. This is the second review of the three-year bailout program, followed by Cyprus.

 

On the other hand, Cyprus troika revised economic outlook for 2013 is better even see the challenges in the year ahead. Cyprus Troika predicts the economy will contract 7.7% this year; better than the previous estimate of 8.7% due to rising incomes and government austerity policies. However, for 2014, the troika revised economic outlook Cyprus became kontrakis 4.8%, worse than the previous estimate of 3.9%.

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News and Review of European Economic Zone (France)

 

S & P Cuts Credit Ratings Owned France

Friday, November 8, 2013

 

The rating agency Standard and Poor 's cut France 's credit rating to AA from AAA on Friday , related to the lack of progress on economic reforms by the government . However S & P revised its credit rating outlook to stable from negative .

 

In a statement , S & P said it had cut its rating on state-owned French for believing reform French government to tax , products , services , and labor market " will not raise significant growth prospects of the French in the mid-term , and high unemployment rates currently undermine support for measures fiscal and structural policies are more significant . " " Moreover , we believe the economic growth rate reduces the ability of the government to consolidate the public finances , "said S & P.

 

French Finance Minister Pierre Moscovici said he " regrets " the decision, saying that the criticism of the S & P is not accurate . He added that the French rating is still one of the highest in the world and French bonds " are still among the safest and most liquid market in the euro zone . " " This belief strengthens the belief that the government's strategy is correct . "

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News and Review of European Economic Zone (Germany)

 

German Trade Surplus Exceeds Expectations

Friday, November 8, 2013

 

Germany recorded a trade surplus more than expected in September , which became ammunition to silence criticism that assess if the government has not been serious enough in reducing the economic growth model focused on exports and stimulate domestic demand growth .

 

Federal Statisitk Office report showed German exports grew 1.7 % as the recovery of foreign demand , while imports declined 1.9 % due to weak domestic demand . That leaving a trade surplus of € 18.8 billion ( $ 25.2 billion ) in September , up from € 15.8 billion in August . In addition to successfully break the expectations of a surplus of € 16.0 billion surplus in September also were higher than a year seblumnya the surplus amounted to € 16.5 billion .

 

Germany 's current account surplus also noted an increase in September , with up to € 19.7 billion from € 10.1 billion in the previous month . Which exceeded the estimated surplus of € 15.0 billion from the economists .

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News and Review of European Economic Zone

 

Eurozone Risk of Experiencing like as Japanese Deflation

Monday, November 11, 2013

 

As the rate of inflation in the eurozone fell to its lowest level in 4 years , a number of analysts have argued that the European region are at risk of experiencing problems as Japan's deflationary . In October , the eurozone inflation rate is at 0.7 % , down from 1.1 % in September and a low level in 4 years . Rate of core consumer prices in Japan , which includes the price of oil , but outside food prices , rose 0.7 % to an annual rate until September with a wider ukutan rose 1.1 % .

 

Japan as the third largest economy in the world has been stricken with deflation for nearly 2 decades and the new inflation rate began to increase following the recent aggressive monetary stimulus from the Bank of Japan . Concerns about low inflation triggered the European Central Bank to cut interest rates by 25 basis points on Thursday.

 

" Policy makers in Europe under pressure to take action because they do not want Europe to be Japan's next , " said Kathy Lien , director of strategic managers of foreign currency at BK Asset Management . " With the growth rate of consumer prices and producer prices slowed in the area are negative , the risk of deflation in the euro zone grew, " he added .

 

Eurozone economy has shown signs of recovery this year after reporting a growth rate of 0.3 % in the second quarter , up from the longest recession in 40 years . But according to Lien , the slow rate of growth at this time , particularly in a number of euro zone countries , has made the greater the risk of deflation . A number of euro zone countries including Spain , Italy , Greece , and Portugal .

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News and Review of European Economic Zone

 

European shares steady after the Moody's Upgrades Credit Rating

Monday, November 11, 2013

 

European stocks moved flat trend in Monday amid lack of data mover for the U.S. and the French national holiday. Although the U.S. stock market is still open, but trading volume is expected to decline.

 

Separately, Portugal terkerek stock indexes rose after reports Portugal's credit rating outlook upgraded by credit rating agency Moody's Investors Service from negative to stable.

 

Looking ahead, the focus will be on some of the data member countries GDP growth in the Euro zone which will be released on Thursday, where the GDP data showed a slump that has the potential to cause while strengthening the European Central Bank cut its interest rates unexpectedly last week.

 

So far the London FTSE index rose 12:34% at 6,705.50, while Germany's DAX rose 12:23% at 9,094.0.

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News and Review of European Economic Zone (Greece)

 

Greek government Passes Vote of Confidence From

Monday, November 11, 2013

 

Greek coalition government passed a vote of confidence from that raised by the opposition to overthrow the government . 153 of the 300 members of parliament still mandating the Prime Minister Antonis Samaras to keep leading the government . However , the coalition was forced to pull out one of the MPs who support the opposition . Syriza party filed a motion in an attempt to end the austerity measures undertaken by the Greek government to secure a bailout disbursement .

 

Motion even when done in the middle of the troika is in Athens to see Greece's progress in implementing the bailout targets before approving the disbursement next bailout worth € 5.9 billion . In the bailout deal , Athens must achieve a budget surplus of 1.5 % of GDP in 2014 . Troika prediction Athens suffered € 2 billion funding shortfall and want Samaras to do further policy to cover the funding shortfall . Leadership troika and Finance Minister Yannis Stournaras not yet reached agreement on an attempt to cover the shortfall of funding at a meeting Sunday . Troika and Athens are scheduled to return to negotiations on Tuesday .

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News and Review of European Economic Zone

 

ECB's Asmussen : Application of Negative Deposit Rate Still Allowing

Tuesday, November 12, 2013

 

European Central Bank does not rule out the possibility to deliver another shock after cutting interest rates last week , with the return taking radical steps to support the euro zone economy , according to an ECB policymaker said in an interview Tuesday .

 

ECB Executive Board member , Joerg Asmussen , said he would not rule out the discourse of decline in deposit rates , which has been at a level of 0 % , which would effectively make the banks have to pay to park their excess liquidity at the central bank .

 

" But I'm still going to be very careful with this step , because it will send a very strong signal , " Asmussen said in an interview with German newspaper Neue Osnabruecker Zeitung .

 

Related to the ECB's policy rate decision last week , Asmussen claimed that the cuts are necessary to keep inflation not far from the desired range of 2 % the central bank . Eurozone annual inflation rate slowed to 0.7 % recorded in October

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News and Review of European Economic Zone

 

ECB Nowotny : Stagnation Is Greatest Threat in Europe

Tuesday, November 12, 2013

 

The biggest problem that must be faced by the Euro zone is prolonged stagnation , according to one member of the Board of Governors of the European Central Bank on Tuesday .

 

" Something you should be worried about is not inflation , but stagnation is a real danger , " said Ewald Nowotny , who also served as governor of Austria's central bank . Nowotny 's comments raised after the ECB last week cut its benchmark rate to a new record low , a move that drew criticism from several countries , including such as Germany .

 

Nowotny also said that the rate cut should be seen in the context of the wider economy , because it will help boost real incomes , especially for low-income areas .

 

Related policy outlook in Europe , Nowotny argues if not all unconventional measures taken by the central bank would be halted when the economy has returned to a normal period . Guidelines for future policy , increased international cooperation and macro - prudential policies are some examples of policies that remain can be used in the future , he added .

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News and Review of European Economic Zone (France)

 

Bank of France Estimate 4th Quarter GDP Up 0.4%

Tuesday, November 12, 2013

 

Bank of France says based on two indicators of sentiment, the French economy will grow 0.4% in the fourth quarter of this year.

 

The French central bank said sentiment indicators that assess the entrepreneurs in the industry rose to 99 in October from 97 in September. While other indicators that assess the level of trust services business unchanged at 93 in October, from September. The central bank's outlook in line with estimates Insee, the French statistics agency.

 

While on Wednesday, Insee will release preliminary estimates for the third quarter of French GDP. Economists predict French GDP in the third quarter by 0.1%.

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News and Review of European Economic Zone (UK)

 

Bank of England Will Retain Instructions estimated Policy

Wednesday, November 13, 2013

 

Bank of England Governor Mark Carney is expected to emphasize that he was not in a hurry to raise interest rates on Wednesday despite improved outlook for the UK economy in the last 3 months . The central bank will release its latest projection at 17:30 pm , and is expected to be revised upwards its growth outlook and predicted rate of unemployment and lower inflation than 3 months ago , reflecting data showing recovery in the UK is being strengthened .

 

But economists do not expect the BoE 's commitment to hold interest rates at a record low 0.5 % and the unemployment rate fell to 7 % in the month of August will be changed . Carney launched a " policy guidance " in August shortly after leading the central bank . At that time , the BoE predicted the unemployment rate will remain above 7 % through 2016 . At that time , private sector economists estimate that feel too bad . Currently they expect the central bank will predict a slightly faster decline in the unemployment rate as he stressed that Britain still had to do a lot of post- crisis financial reform .

 

" Recent data is not likely to change dramatically BoE assessment that interest rates will remain for a long time , " said Rob Wood , from Berenberg Bank . " Message from the BoE is likely the UK was still far journey , and still in the early stages of recovery that still requires a lot of stimulus . " However, financial markets looking for any clues about the rate hike earlier than BoE , something that has been widening yield spread between British and German government bonds to the widest level in a few years , given the weakness of the euro zone .

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News and Review of European Economic Zone

 

Eurozone Industrial Output Slump in the month of September

Wednesday, November 13, 2013

 

Euro zone industrial output fell again in September , a disappointing performance that brings the overall industrial output posted a decline during the 3rd quarter . The figures from the EU statistics agency , Eurostat , is also increasingly strengthened expectations that economic growth in the 17 - nation euro currency users experience a slowdown in the July-September period of post- work out of the 18 - month recession in the 2nd quarter .

 

Eurostat report showed industrial output block euro fell 0.5% in September after a 1.0 % rise recorded in August , a worse than expected 0.3 % decline from the economists . This decline in industrial output delivers the data posted quarterly decline of 0.3 % .

 

While the Euro zone economic output data 3rd quarter is scheduled to be released on Thursday , which most economists expect growth to slow to 0.1 % from 0.3 % in the 2nd quarter .

 

European Central Bank last week lowered their benchmark interest rates to a new record low of 0.25 % due to the weakening economic outlook and inflation .

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News and Review of European Economic Zone (UK)

 

Being British Unemployment Rate Dropped 7.6 %

Wednesday, November 13, 2013

 

The unemployment rate in Britain fell to its lowest level in more than four - years within a period of 3 months until September , which is getting it closer to the threshold where the Bank of England has said it will start considering a rate hike .

 

Office for National Statistics report on Wednesday showed the unemployment rate dipped to 7.6 % between July and September from 7.7 % in the period of 3 months to August , which is in line with the expectations of the economists.

 

The unemployment rate has been a key indicator to determine the future of England's monetary policy after last August BoE said it would wait for the unemployment rate fell to 7 % , which is expected to be reached in 2016 , before considering raising interest rates from a record low of 0.5 % . But this commitment is also dependent on the projected inflation and the stability of the financial system . The last time the unemployment rate in the UK looks to be below the level of 7 % in a 3 month period to February 2009.

 

With economic data continues to show improvement , economists expect the central bank will revise the unemployment rate projected to be more in line with market expectations in its quarterly Inflation Report today. BoE likely also will update the outlook for inflation , in October after data showed inflation slowed to 2.2 % . The slowdown may give the central bank more room to keep rates on hold for longer , regardless of how fast the unemployment rate decline .

 

While other data released on the same occasion ONS show the number of British workers filing claims for unemployment benefits fell by obtaining 41 700 in October to 1.31 million , better than expectations for a decline of 35,000 .

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News and Review of European Economic Zone

 

Economic Growth Slows , Euro Pressured

Thursday, November 14, 2013

 

The euro traded lower against the dollar for the first time in four days after data showed the euro zone 's economic growth slowed in the third quarter . Eurostat released data GDP 17 countries in the third quarter by 0.1 % lower than the previous quarter when it grew 0.3 % . The data is also lower than the 0.2 % forecast by economists .

 

German GDP , which is the country with the largest on the continent perekonomina blue , slowed to 0.3 % in the third quarter compared with 0.7 % in the second quarter . But the slowdown is still in line with economists ' forecasts . Meanwhile French GDP unexpectedly fell -0.1 % , below economists' forecast of 0.1 % , and compared to previously when it grew 0.5 % .

 

The slowdown caused by the debt crisis that is now entering its fifth year . The unemployment rate remains at a record 12.2 % and the inflation rate in the month of October which is at the lowest level in the last four years , prompting the ECB to cut its rate to a record low interest rates .

 

EURUSD is currently trading at around 1.3434 with daily highs and lows 1.3496 1.34172 .

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News and Review of European Economic Zone (UK)

 

UK Retail Sales Dropped in October

Thursday, November 14, 2013

 

British retail sales unexpectedly fell in October due to sinking demand for electronic goods and clothing . The data signals are still fragile consumer demand , which has pushed Britain's economic recovery since the spring .

 

Bureau of Statistics said UK retail sales fell 0.7 % in October from September. Results were worse than economists forecast that predicts no change in retail sales in October from September . The fall in retail sales in October marked slowdown in sales from the third quarter when it rose 1.3 % .

 

Weak retail sales figures in October comes as part of an unusual warm weather during the month of October which hold consumers to buy spring clothes . Reduced purchasing power due to household income failed to match the acceleration of inflation over the last five years has sparked concern among economists that the economic recovery will be sustained consumer spending is unlikely to continue .