Euro (€) Currency Thread

inspector_monkfish

09:30 27Mar09 UK 4Q GDP REVISED TO -1.6% QQ; LAST ESTIMATE -1.5% QQ
09:30 27Mar09 UK 4Q GDP REVISED TO -2.0% YY; LAST ESTIMATE -1.9% YY
09:30 27Mar09 UK 4Q GDP FORECAST AT -1.5% QQ; -1.9% YY
09:30 27Mar09 UK 4Q GDP QUARTERLY FALL LARGEST SINCE 2Q 1980
09:35 27Mar09 DATA SNAP: UK 4Q GDP -1.6% QQ, Largest Fall Since 1980



LONDON --The U.K. economy posted its sharpest quarterly
contraction since 1980 in the fourth quarter last year as the global credit
crisis throttled output and demand, revised official figures confirmed Friday.

The Office for National Statistics said gross domestic product slumped 1.6%
on the quarter and was 2.0% lower on the year in the final three months of 2008.

Economists were expecting no change from the previous reading of fourth
quarter GDP which showed declines of 1.5% on the quarter and 1.9% on the year,
according to a Dow Jones Newswires survey last week.

The figures confirm the U.K. has plunged into recession after GDP shrank 0.7%
on the quarter but grew a revised 0.4% on the year between July and September.

The final reading of the national accounts figures showed the household
savings ratio jumped to 4.8% in the fourth quarter from 1.7% in the third, its
highest level since the first three months of 2006.

The breakdown of the data showed services output contracted 0.8% in the
fourth quarter, the steepest decline since the third quarter of 1979, with
distribution, hotels and restaurants showing the most significant fall.

Production output dropped 4.5% in the fourth quarter, the largest decrease
since the first quarter of 1974, led by a sharp drop in manufacturing output.

inspector_monkfish

nice rally today, for a change...

trading up at 1.0765 right now, well off the days low 0f 1.0615 just after the GDP data

inspector_monkfish

hurrah, at last someone from EuroLand being honest.....

- - - - -


11:17 27Mar09 RTRS-REFILE-FOREX-Euro slides on Germany comments

* Euro slides on Steinbrueck's EU fiscal stability remarks


LONDON, March 27 (Reuters) - The euro slid sharply on Friday
after Germany's finance minister said fiscal irresponsibility in
Europe could put the currency at risk, and the dollar drew extra
support ahead of next week's Group of 20 leaders' meeting.

Senior Japanese and Russian officials said the dollar's
status as global reserve currency is unlikely to be discussed at
next week's G20 meeting in London, cooling some speculation this
week that it would be.

This gave the dollar broad support, while German finance
minister Peer Steinbrueck's comments, weaker-than-forecast euro
zone industrial orders and German state inflation data triggered
a huge batch of pre-placed euro sell orders, traders said.

The euro lost more than two full cents on the day to hit a
week low of $1.3369, severely testing the strength of long-term
technical support at the 200-week moving average of $1.3380.

"The move in the euro is all about the Steinbrueck
comments," said Chris Turner, head of FX strategy at ING.

Steinbrueck told the German parliament that the euro was at
risk if the European Union's Stability and Growth Pact, which
governs the continent's rules on budget deficits, isn't taken
seriously.

"Germany, as a member of the EU, has a massive interest in
the credibility of the Stability and Growth Pact, which as you
know is not taken so seriously by some," Steinbrueck said.

"If it is not taken seriously, I am telling you, the euro
will have trouble one day in terms of its own credibility and
stability." [ID:nLR49443]

At 1045 GMT the euro was down 0.8 percent on the day at
$1.3420 <EUR=>, having fallen as low as $1.3369 from an intraday
high of $1.3591 and $1.3550 just before Steinbrueck's remarks.

"Moving one and a half big figures (cents) on comments like
that earlier from Steinbrueck just goes to show how nervous and
irrational the market is right now," said a trader in London.

The euro was 1.5 percent down against the yen at 131.70 yen
<EURJPY=>, while the dollar was down 0.6 percent against the yen
at 98.10 <JPY=>.

inspector_monkfish

over 1.08 now...

Danyúl_II

Where's best place to change EUROS back to POUNDS?

I have like 150 euros left over from holiday..

Thanks!

waynehayes

I wouldn't bother changing them back, save them for your next holiday.

dealsearcher

Dany!l_II wrote: »

Where's best place to change EUROS back to POUNDS?

I have like 150 euros left over from holiday..

Thanks!

Just about anywhere - the rate is so good now to buy pounds with euros.

Danyúl_II

waynehayes wrote: »

I wouldn't bother changing them back, save them for your next holiday.

I could do with the cash really!

ashymcfc

hi all, new to this section. im off to amsterdam on the 24 april, just wondering if its true that you can get a better exchange over there? if not then where is the best place over here at the moment?

cheers

inspector_monkfish

German Unemployment just came in at 8.1%:eek: (forecast was 8.0%)
Thats over 3.5million people now.