Eurozone GDP posts largest drop on record

28 July, 2011


European GDP showed a 4.6% year-on-year decline – the biggest fall on record for the economic area.

Against the Pound, there has been little movement – surprising given the negative Euro-news which might have weakened the single currency off and provided better exchange rates for sending money to Europe.

The next major data out is from the USA, where Consumer Price Index (a leading inflation indicator) is announced at 1.30pm. We expect some volatility for US Dollar exchange rates.