Pound Down As UK Unemployment Hits 17 Year High

UK unemployment has hit the highest in 17 years again highlighting concerns over the health of the UK economy.  As a result the Pound has dropped by 0.5% against the Euro already and we are still waiting for the Bank of England’s Quarterly Inflation Report in 15 minutes.  If Mervyn King indicates more Quantitative Easing is on the cards for the UK in the coming months then the pound could be in more trouble today.

In Europe Italy are expected to announce the new governement today so watch this space!  If you do have a GBP EUR requirement either buying or selling then please feel free to e-mail me at cmg@currencies.co.uk