20 May, 2014 @ 09:00
1 min read

A weaker euro…to boost the Spanish economy!

mark rickard

AS sun-starved Brits look towards their annual holidays, and others hunt their dream ‘place in the sun’, the euro-sterling exchange rate will be welcomed on the Spanish Costas.

As I write this article, it’s market day in Centro Plaza outside the HiFX office in Marbella.

With the office doors wide open the various linguistic chitter chatter is becoming ever more Anglo Saxon week by week.

That’s the best evidence for me! Oh, apart from the Union Jack head hankies with matching socks in open-toed sandals. A great look.

Yes, the Brits are coming back and this is a fact backed up by tourist figures and sales of houses in the country with 15% of current buyers British.

Meanwhile the European Central Bank left the door open for more quantitative easing in June (as I discussed last week) while the president of the ECB, Mario Draghi, is still concerned at the low inflation rate.

Last week sterling remained the markets currency of choice, reaching 1.22 ½, and threatening to accelerate further, even for the GBP/USD was tipping towards 1.70.

This Week:

From the UK

Wednesday 9.30am Claimant count change previous -30.4k
Wednesday 9.30am Unemployment rate previous 6.9%
Wednesday BoE Quarterly Inflation Report

From Europe

Wednesday 10am Industrial production previous 0.2% m/m
Thursday 10am CPI previous 0.7% y/y
Thursday 10am Q1 GDP previous 0.2%

From the US

Thursday 1.30pm Retail sales previous 1.1%
Thursday 1.30pm CPI previous 0.2% m/m
Thursday 1.30pm Empire State Manufacturing Index previous 1.3
Thursday 3pm Philly Fed Manufacturing Index previous 16.6
Friday 1.30pm Housing starts previous 0.95m
Friday 2.55pm University of Michigan consumer sentiment previous 84.1

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