IFX Market Report for 14/05/2012

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UK

On Friday, UK PPI Input Month on month came out worst then expected at -1.5% against a forecast of -0.9% with output PPI rising 0.7% against 0.4%
GBPUSD started Friday’s session trading at 1.6123 before seeing a sharp drop mid-afternoon to the low of the day at 1.6066. After a brief spell back over 1.61 in afternoon trading the pair fell back again and is currently trading around 1.6060. A close below support at 1.6050 will confirm the drop towards 1.58 but there will be strong support on the way at the 1.60 level.In early morning trade on Friday we saw GBPEUR break the high again to hit the highest level since Nov 2008 at 1.25039 but failed to break through support, closing the day at 1.2469, today markets have opened around 1.2470 and we can expect another attempt at breaking this 1.25 barrier significantly.
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WORLDWIDE

Today is the last day that Greece can form a coalition government before being forced to hold another election in June. As mentioned last week, anti-bailout party Syriza are now leading polls and senior ECB officials are now openly discussing a Greek exit from the euro.

Greece also announced a €9.1bn deficit In Q1 2012 versus €7.37bn last year.

Euro finance ministers meet today and will discuss the international bailout for Greece as well as the situation in Spain, where the government last week made a fourth attempt to clean up the country’s banks. Spanish Prime Minister, Mariano Rajoy announced plans to require the country’s banks to set aside an extra €35bn against bad loans made to its collapsing construction sector, on top of the €54bn they have already provisioned this year.

Political unrest has spread to Germany, with Angela Merkel’s party losing the most populous state and showing they are also being hit by the austerity backlash.

The US Producer Price Index was expected to show a flat 0.0% change but data showed a -0.2% decline in the price of finished goods and services. Expectations for next month data is even worse due to the recent slide in oil prices. Preliminary University of Michigan Consumer Sentiment came out at the highest level since 2008 at 77.8 versus an expected 76.2.

EURUSD traded at a high of 1.2956 on Friday but has traded downwards since and is currently trading at a low of 1.2875 morning. With the pair having broken well clear of the resistance at 1.3000 the next key target is the January low of 1.2620, a close below strong support around 1.28 will accelerate the decline.

On Friday, Canadian employment change came out positively showing a 82.3k gain which was way up from an expected forecast of 11.3k.

China eased monetary policy on Saturday when it the reduced banks’ reserve requirements by 50 basis points. This is the third time in six months where the central bank reduces the reserve requirements. The cut is a signal that the government is expecting growth to slow and wants to support and stimulate their economy now, we can expect further measures in the future.

Eurozone Industrial Production figures just released showed a bigger than expected fall in March. The annualized figure of -2.2% was lower than the -1.2% markets were expecting to see.

Daniel Fountain / 13.05.2012

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.