Foreign Exchange Daily Market Update 21/04/2015

Tue, April 21, 2015

KBR Foreign Exchange Plc. (KBRFX) identified in London Stock Exchange’s ‘1000 Companies to Inspire Britain’. 

KBRFX has made the London Stock Exchange's Second Edition of 1000 Companies to Inspire Britain. 1000 Companies to Inspire Britain is an annual celebration of some of the fastest-growing and most dynamic small and medium-sized enterprises (SMEs) in the UK

Full Press Release

Pound’s uncertainly over the election continues.     

Opinion polls have the Conservative and Labour parties running neck and neck, and both have pledged policies criticized by business leaders. At the same time, Britain’s economy is forecast to grow faster than most, while the Bank of England looks set to become the first major central bank after the Federal Reserve to raise interest rates from near zero.

Economic growth will also help U.K. gross domestic product expected to increase by 2.6% this year, compared with 2.1% across the euro - zone. According to the most recent labour-market report before the general election, unemployment has fallen to its lowest in four decades in March.

The Pound was at €1.3902 against the Euro after falling about 3% from its seven-year high of €1.4256 reached on March 11. It sank to $1.4566 last week, the weakest level since 2010, and was at $1.4929 yesterday afternoon.

With the Euro being so weak, many Brits are taking advantages of it by holidaying in Spain.  A record 65 million tourists visited Spain last year, with the largest share, 15 million, coming from the U.K. In the first two months of 2015, spending by visitors rose an annual 8 percent to 6.6 billion euros ($7 billion) and Britons led the pack, splashing 1.1 billion euros, a 10.6 percent surge.

Tourism accounted for 25 percent of new jobs created in 2014, and the Bank of Spain predicts unemployment will fall from a crisis high of 27 percent to around 20 percent next year as a weaker euro drives the economy’s expansion.

Data to look out today.   

Not much data out today.

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PRESS RELEASE

KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex http://www.essexchronicle.co.uk/100-Essex-businesses-revealed-annual-survey/story-25140555-detail/story.html

Data Releases