This week’s focus turns to Ireland’s Minister for Finance, Michael Noonan as he revealed Budget 2017. Noonan addressed the Dáil with the following introductory statement: The UK’s decision to exit the EU represents a real risk to our economy given the close links and the high level of trade between us. Around 16% of Irish exports go to the UK, but 40% of indigenous company exports go there. In turn, Ireland is the UK’s fifth biggest export market. Over €1.2 Billion of goods and services are exchanged between us on a weekly…Read More
Theresa May has been appointed as the new Prime Minister of the United Kingdom, only the second woman PM in the history of the UK.
As she begins post Brexit there will be no time for May to relax as there are pressing issues to be dealt with as soon as possible.
She will need to appoint a team to lead the process of exiting the EU.Read More
EUR/USD Due to worries about the cost of protection against the government debt in Ireland and Portugal, the euro fell to 1.3775 dollars. The G20 summit of advanced and developing economies is still maintaining a high level of currency tensions. In contrast, the dollar rose to its highest levels since late October against major currencies. According to traders, the market will observe an auction for long-dated Treasury bonds later today, which they expect, will give clues to the direction of the dollar. EUR/GBP Good figures such as the NIESR GDP…Read More
EUR/USD Last week the Irish government released a plan to cut spending and raise taxes by 6 billion euros in 2011. Due to concerns over the Ireland’s budget deficit, the euro fell for a second day versus the dollar. In fact, the single currency weakened versus 13 of its 16 opponents. The arrival of the EU Economic and Monetary Affairs Commissioner Olli Rehn in Ireland is highly anticipated as he is coming to discuss the spending cuts and tax increases in the country. EUR/GBP No major events are expected for…Read More
EUR/GBP The euro demonstrated a steady growth against the sterling last week. It opened at 0.8721 pounds last Monday, and it reached 0.8894 pounds closing price on Friday. This week started even higher – at 0.8901 and is currently at 0.8906 and going upwards. Economists say that this Monday, the pound fell to its weakest point for the past seven months against the euro as a result of a drop in mortgage approvals to the least since March last year. It is also speculated that the Bank of England may…Read More