IFX Market Report for 10/07/2012

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UK

GBPEUR continued to trade above the psychological 1.25 level, opening at 1.2588 and closing the day comfortably at 1.2602. Earlier in the day GBPEUR hit a new three and a half year high of 1.2632 as investors grew increasingly concerned about the Eurozone debt crisis and bought sterling as an alternative to the euro.On the back of Bank of England Deputy Governor Paul Tucker testifying before the treasury select committee yesterday, the US dollar surprisingly lost some of the gains it made towards the end of last week rising from a low of 1.5473 and closing for the day at 1.5508.

The BOE’s Paul Tucker is pushing back at Barclay’s ex-CEO Bob Diamond’s contention that the BOE instructed him to keep Libor low to avoid the appearance of a raging banking crisis. He also told MP’s yesterday that the FSA investigations should be extended to other self-certifying markets such as Gold and Oil.
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WORLDWIDE

EURUSD traded within a tight range yesterday; opening below Friday’s low at 1.2273 and struggled to break the 1.23, closing at 1.2298 in UK trading hours. The next significant resistance lies at 1.2360.

Yesterday, ECB President Mario Draghi said that the recent slowdown in growth in the Eurozone as well as the weakening of inflationary pressures in the area induced the central bank to cut the main interest rate, as well as the deposit and lending rates by 25 basis points at their July monetary policy meeting.

Finance ministers met yesterday and have proposed that the head of the Luxembourg central bank, Yves Mersch, should take a vacant board seat at the European Central Bank.

The EU’s head, Juncker announced that ministers from the 17 Eurozone nations reached a tentative agreement after 9 hours of debating which includes a ‘first disbursement’ of €30bn for Spanish banks by the end of the month.

The timing of the meeting was fortuitous as the yield on Spanish 10-year bonds auctioned yesterday exceeded the key level of 7%, which market experts consider unsustainable.

In Greece the Greek coalition government has won a vote of confidence in Parliament as Prime Minister Samaras told reporters he plans to accelerate privatisations and bring forward much needed reforms to try and stall the slowdown of the economy.

Disappointing economic news from the US, China and Japan have reduced appetite for the Australian dollar, which remains correlated with global growth. We saw sterling move from a low of 1.5167 to a high of the day at 1.5250 yesterday against AUD.

Daniel Fountain / 09.07.2012

Editor, Hotel Designs

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Fun fact: I’m usually the person friends rely on to organise trips, schedules, and group plans.

Workhighlights: Successfully coordinating events from planning through to delivery and seeing everything come together on the day.

Fun fact: I’m a keen cyclist and will happily bore people with copious amounts of cycling chat. My top cycling experience (so far) would have to be riding in the spectacular mountains of Crete.

Work highlights: Charles joined Forum Events in 2022. With a background in publishing, editorial media and events, Charles brings a wealth of experience to his role as Senior Production Manager. Having being involved with SPACE from the outset, he is excited to see the brand grow and develop.

Fun fact: People tell Sienna she gives off Bridget Jones vibes, and she loves to bake, always making sure there are shortbreads floating around the office

Work highlights: Sienna joined Forum Events & Media Group while studying Communications and Media, starting in the sales team where she managed and helped launch the first the PA Life Leading Venues of London SHOWCASE, where she built relationships with luxury venues across the capital. Drawn to the stories behind these spaces, she naturally transitioned into the editorial team, creating social media and editorial content. Upon graduating in June 2026, she is excited to be joining as Assistant Editor for Hotel Designs and SPACE.

Fun fact: When not working, Jess can usually be found tending to her kitchen garden in the Sussex countryside or foraging for herbs in the nearby woods. A keen grower, she recently studied a RHS Level 2 Diploma in the Principles of Horticulture during her spare time.

Work highlights: Jess joined SPACE magazine in 2022 and has since progressed from Assistant Editor to Editor. During this time, she has worked across many aspects of the publication – from shaping editorial strategy and overseeing operations to contributing to art direction and representing the brand on stage at industry events including Surface Design Show and WOW!house.

Alongside her role at SPACE, Jess has built a creative career spanning the arts, culture, design and travel sectors. Prior to joining the magazine, she spent more than a decade in the commercial art industry, in artist liaison, gallery management, and curating collections for the hospitality sector across hotels and cruise ships. During this time, she also worked on freelance projects as a writer, photographer, and creative content producer.
 
Jess studied photojournalism at London College of Communication and the Danish School of Media and Journalism and holds a first-class BA (Hons) in Culture, Criticism and Curation from Central Saint Martins.

Fun fact: Katy has spent years perfecting all kinds of accents and loves a good impersonation!

Work highlights: Katy has been with Hotel Designs since the beginning, way back in 2015 when Forum Events & Media Group acquired the brand.

During this time, she has fostered many meaningful relationships with clients from across the hospitality spectrum, as well as playing a pivotal role in the launch of The Brit List Awards, Hotel Designs MEET UPs, client-led roundtables and panel talks, brand and website redesigns, HD Wellness Sets, DESIGN POD podcast, Hotel Designs LIVE panel talk series, Accessible Design Talks and more. Katy is always on the lookout for the next opportunity to help grow the Hotel Designs brand even further.
 
Most recently Katy has stepped in to the role of Publisher at SPACE magazine, the printed bi-monthly publication focused on hotel design, architecture, and development.

Together these platforms offer a comprehensive 360-degree service encompassing digital media, print publishing, and live events – providing unparalleled value to advertisers, partners, and readers alike.