Euro reaches new lows on the back of uncertainty

Bank exchange rates are you being ripped off by your bank

The UK saw a surprise rise in retail sales in October with a 0.6% monthly increase from Septembers figure. Although this was a positive sign for the UK economy it is expected that shoppers would be cautious with their spending for some time yet.

In the Eurozone, a Spanish debt auction produced the highest borrowing costs since 1997. An issue of €3.5B worth of 10 year bonds produced a yield of 6.9%, perilously close to the 7% mark that the markets consider unsustainable. The last Spanish debt auction in October produced yields of around 5.5%, which highlights how spooked the financial world is about the crisis.

An auction of French 4 year bonds saw yields rise to 2.8% from 2.3%. The difference between German and and French yields is now at its widest since the Euro was created in 1999. The ECB was also rumoured to have intervened again to buy up Italian debt on the secondary market. On the back of all this bad news out of the Eurozone, all the major stock markets around the world were down for the fourth consecutive day.

In the US it was a mixed bag on the data front. Building permits came in at an annualised figure of 650k for October, beating the 600k that was predicted. Added to that there was a lowering of the unemployment rate, which came in at 388k, the lowest figure in seven months. However this positive start to the day was tempered by Philly Fed Manufacturing Index of 3.6 which was lower than the 8.7 being predicted. On the whole, data from the US has been relatively good this week, however the fact that stocks have fallen steadily highlights that the main driver in the market is the Eurozone.

Clients are taking advantage of market watches to ensure they aren’t missing out on any positive volatility. To find out how much you can save contact Moneycorp today on 0207 589 3000 or email

Company Details

Euro reaches new lows on the back of uncertainty

Get a quick quote

Open Account with World First

World First are located at:
Regent House, 16-18 Lombard Road, , Greater London, SW11 3RB, United Kingdom

Get a Quick Quote

Newsletter Signup to CMT

Sign up to our foreign exchange newsletter to receive news updates directly by email

Compare Money Transfer will not Share your details!

Bank Exchange Rates Comparison

High St Bank Exchange Rate

All Rights Reserved: Copyright 2006 - 2018 Compare Money Transfer Limited offering FCA Regulated Suppliers - 34 New House, 67-68 Hatton Garden, London, EC1N 8JY. +44 (0) 843 357 4882