UK Figures Suggest Recession Is Over

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…

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UK Recession Appears Worse than Thought

The economic recession in UK is actually worse than originally thought. The Office for National Statistics first showed that the decline in output was 6.2%, when it was actually 6.4%. The real figures also showed that the period between spring 2008 and autumn 2009 was the hardest on the economy since the Great Depression of the 1930s – even compared to the recession in the beginning of 1980s. “The picture remains one of only gradual recovery so far following a record six quarters of deep overall recession through to the…

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