IFX Market Report for 11/06/2012

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UK

GBPEUR traded within a tight 44 pip range on Friday with a high of 1.2389 and a low of 1.2345, the weekend’s trading has been mostly downward for this pair with the euro gaining around a cent to trade as low as 1.2251, sterling has recovered slightly to trade this morning around 1.2309. With two strong sets of resistance just over 1.24, it is more likely we will see a further test of technical support at 1.2301 especially given the increase in confidence coming out of Europe this weekend.GBPUSD steadily lost ground through Friday’s session, opening at the high of 1.5524 and closing near the low of 1.5405. Sterling has recovered slightly over the weekend and this morning markets have opened around 1.5539 after the weekends low 1.5460. Key resistance to break on USD is at 1.5630, just above the highest rate of last week which was 1.5599.

Britons expect the annual rate of inflation to rise in the coming years and stay firmly above the Bank of England’s 2% target a survey showed Friday.

The BoE approval rating among Britons fell back in May to near its lowest on record since the survey began in 2001. The public’s “net satisfaction” with the way the BOE is doing its job to set interest rates and control inflation fell to a balance of +11 in May from +20 in the last quarterly poll in February.

Chancellor of the Exchequer George Osborne said yesterday that the UK recovery is being “killed off” by the euro zone’s deepening crisis and the UK economy faces “huge”risks from a disorderly breakup of the region.
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WORLDWIDE

Once again we have seen an extremely volatile weekend in the currency markets. The euro is off to a great start this week, up almost 1% against the US Dollar and sterling following news yesterday that the Spanish banking sector has effectively rubber stamped a capital injection of up to €100 bn. After a hastily organised video conference, lasting more than two hours on Sunday, the 17 euro zone finance ministers issued a statement saying they were “willing to respond favourably” to a Spanish plea for help. The Spanish stock market responded favourably with Government owned Bankia gaining 16%.

EURUSD opened at the session high of 1.2571 and fell steadily through the course of the session on Friday. Despite a small, late recovery from the 1.2437 low the pair closed at 1.2487. During the weekend, at the same time as the euro gained versus sterling, we saw an identical strengthening against the US Dollar to move up over a cent in a few minutes to trade at 1.2665. This morning the session has opened around 1.2618. The gap from lower support to top resistance in this pair has extended to nearly four cents now, suggesting we could see plenty of volatilty in the coming sessions.

It seems that the euro’s troubles may only be off the agenda for a short while though. With the Greek elections due on Sunday, we can expect further insight this week as and when polls are released. Renewed discussions of a Greek exit from the euro have been triggered by a crisis in the country’s energy system which has managed to develop a €350m hole in the pockets of power grid operator LAGHE.

Risk trades are sharply higher at the weekly opening, as the market focuses on positive signals from the weekend’s Chinese data. China’s trade balance witnessed an unexpected surplus in May, where Exports, Imports and trade balance exceeded estimates.

The French economy will contract in Q1 this year for the first time since 2009. GDP in the euro zone’s second largest economy, will contract 0.1% in Q2, this comes a day after France’s unemployment rate reached 10% .

On Friday, German exports and imports both fell in April from an all-time high in March. Exports fell 1.7% on the month in April to €90bn, after rising for three months in a row. The decline in imports outpaced this with a 4.8% fall on the month to €73.9bn.

The US trade deficit narrowed 4.9% in April, a sharp pullback in imports and exports to the euro zone suggested the region’s troubles are increasingly affecting the US economy.

Also on Friday, Canadian unemployment rate met forecast and remained unchanged at 7.3% in May.

Daniel Fountain / 10.06.2012

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.