The Euro continues to limp along as we edge ever closer to Christmas and the New Year. Investors have shifted their focus back towards the US Dollar as they search for a viable safe haven. The Dollar has already made some gains back against the Euros short lived rally of last week and with a report due showing that German Investor Confidence may have fallen to a three year low it could add further pressure to the single currency. Italy and France are both due to sell bills and concern is ever growing that the debt crisis is starting to infect the larger economies of the Eurozone which could weigh heavily on the Euro this week.
Analysts are now slashing their forecasts for the Euro for 2012 suggesting that the single currency will weaken in the first half of next year. The negative outlook suggests that we could see the Euro slide back to 1.20 against the USD which should give GBP/EUR an opportunity to see 1.20 at some point in the first half of next year.
An FSA report this morning has indicated that bad management, poor decisions and a lack of regulation led to the collapse of RBS which forced the huge bailout by the UK government resulting in the bank becoming 83% owned by the UK taxpayer. Sir Fred Goodwin has been heavily criticised for his handling of the situation which resulted in him receiving a £3M payoff when he left the bank and a £320K a year pension.
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