Good Morning,
Not a lot going on since my Friday missive but the German GFK survey out this morning confirms my view that the Eurozone is not immune to all going on around it.
The GFK market research institute said its consumer climate index for Germany is forecast to sink to 2.1 points in August, its lowest level since June 2003 and down from 3.6 points in July.The August figure is also far lower than the 3.5 point consensus forecast .
GFK said high oil prices, increasing fears of recession and a flare-up of the financial market crisis have generated strong uncertainty among consumers.The economic expectations index in July declined by 15.5 points to minus 8 points, a level last seen in November 2005.
In the UK the week-end media has been full of questions as to who will/might/fill the ever decreasing size 10's at Number 10...My view ? Beyond anyone's control for my afore-mentioned reasons. Mr Gordon Bumble ( as in Bumbling Idiot but also the belligerent-not for turning Oliver Twist workhouse boss in case anyone didn't get my refererence point previously) struts sadly on the world stage and does nothing to give us hope at home.He has no obvious successors and that should worry us all.........
Not much in the way of data today but loads coming up during the week as beaches beckon more and more frazzed-up traders ( and politicians.......gawd bless their overpaid socks.......)
It will continue to be a lively one. That much is certain................
Have a good week
Regards
Mike
MSP
Foreign Exchange Services
Office:
+ 44 ( 0 ) 1732 700383
Mob:
+ 44 ( 0 ) 7887
581696
Email: mspfx@tiscali.co.uk
.
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