Euro (€) Currency Thread

inspector_monkfish

trading slightly higher after in-line figures
1.1255

inspector_monkfish

trading over 1.13 now

1.1305

inspector_monkfish

1.1320 trading

MEMBER02

Thread very quiet lately

waynehayes

1.1334 now. Nice recovery.

inspector_monkfish

10:00 22Apr09 EU, EURO ZONE 2008 BUDGET DEFICITS LARGER THAN EXPECTED

10:00 22Apr09 EU 08 BUDGET DEFICIT EXPANDS TO 2.3% OF GDP FROM 0.8% IN 07

10:00 22Apr09 EURO ZONE 08 BUDGET GAP UP TO 1.9% OF GDP FROM 0.6% IN 07

10:00 22Apr09 EU HAD EXPECTED 2.0% DEFICIT IN WHOLE EU, 1.7% IN EURO ZONE

10:00 22Apr09 12 EU GOVT BUDGET DEFICITS AT OR ABOVE 3% OF GDP IN 2008

10:00 22Apr09 IRISH 08 BUDGET GAP 7.1% OF GDP, UK WAS 5.5%; LARGEST IN EU

10:00 22Apr09 EU 08 GOVT DEBT RATIO UP TO 61.5% OF GDP FROM 58.7% IN 07

10:00 22Apr09 EURO ZONE 08 GOVT DEBT UP TO 69.3% OF GDP FROM 66% IN 07

10:00 22Apr09 EU, Euro Zone 2008 Budget Deficits Larger Than Expected



BRUSSELS -- Government budget deficits in the European Union last
year were larger than expected, fueling concerns among policy makers that state
finances can't support more fiscal stimulus spending.

The total government budget shortfall in the 27-state E.U. was 2.3% of gross domestic product last year, up from 0.8% in 2007, according to Eurostat, the E.U.'s statistics agency.

That figure was worse than the 2.0% of GDP deficit the European Commission,
the bloc's executive arm, had predicted in January.

For the 16 countries that use the euro, the total government budget deficit was 1.9% of GDP, up from 0.6% in 2007. The commission, in January, had predicted
a 1.7% budget gap.

The commission expects government finances to deteriorate further in the coming months as countries try to spend their way out of recession. The E.U. in December agreed to a EUR200 billion fiscal stimulus plan. Many policy makers say
growing deficits make it impossible for the bloc to spend more, even as the U.S. spends $787 billion to revive its economy.

Under E.U. rules, countries must keep their budget deficits below 3% of GDP. According to Eurostat, 12 countries breached that ceiling last year. Ireland, which had a 7.1% deficit, and the U.K., which had a 5.5% shortfall, were the worst offenders in the bloc.

inspector_monkfish

10:10 22Apr09 Official GDP forecasts to be slashed in UK Budget

09:10 GMT - Central to today's [UK BUDGET] will be the expected and dramatic revision to Govt [GROWTH F/CS] with Chanc Darling predicted to opt for something close to a 3.5% contraction this year vs his central target of -1.0% in the Nov pre-budget. Note that the OECD is forecasting a 3.7% drop in UK output this year, the IMF -3.8% and the CBI -3.9%. Any of these estimates would mark the largest annual contraction since 1945.

Crucial for the path of public finances will also be the speed of the recovery with Darling expected to veer towards calling a v-shaped recession. He is likely to say the economy will start to pick up by year end and that official figs will show positive growth in Q1. In Nov he predicted a 1.5-2.0% growth rate for 2010 and 3% in the following 3 years.

Market consensus for next year is for a small 0-0.5% rise in GDP.

inspector_monkfish

10:23 22Apr09 (GBP) EUR/GBP trading at session highs around 0.8875

(GBP) EUR/GBP trading at session highs around 0.8875 following data releases that revealed UK unemployment rising less than had been expected, whilst govt borrowing climbed to a record high. EUR/GBP seen continued supported by an earlier article in the Telegraph newspaper that UK's Diageo is mulling a EUR 12bln (GBP 10.6gln) bid for the wine and spirits arm of LVMH, the French luxury goods company. Executives close to the situation warn discussions are still at a very early stage and that no approach had been made to LVMH. LVMH has since
denied it is in talks.

creased-leach

Can I just say a huge thank-you to all those who keep this post updated- especially Inspector Monkfish.

I have nothing intelligent to add to the thread, but I watch it with interest, and just wanted to say that your time & effort is noticed, and appreciated. :T

inspector_monkfish

trading at 1.1300