IFX Market Report for 15/06/2012

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UK

Following a string of recent weak UK data releases, a growing number of analysts are still wary of the pound on concerns that the UK economy will be hurt by the turmoil in the Eurozone, the country’s biggest trading partner.
GBPEUR remained range bound ahead of key event risks over the weekend. Sterling traded at a low of a low of 1.2313 as the euro benefited from positive rumours regarding the elections in Greece.GBPUSD continued to be dominated by general risk appetite and rumours of further U.S Quantitative Easing. The resistance level of 1.56 remains the level to break, which if done will open up moves as high as 1.58. However while there is growing speculation of further asset purchases in the UK any rebounds could well prove short lived.

According to a report by the Financial Times, the Bank of England and the HM Treasury will announce a credit-easing initiative aimed at boosting loans to SME’s in the UK

The GBPEUR support level of 1.2320 held up well throughout yesterday but after speeches by Bank of England Governor King and UK Chancellor Osborne at the annual Mansion House meeting last night combined with inspired confidence in the Greek election meant trading has opened today at 1.2264
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WORLDWIDE

Greek bank stocks were up almost 19% yesterday on talk that pro-bailout parties are likely to win the June 17th elections.

Spain’s 10-Year yield hit an all-time high of 7% mark as Moody’s cut the region’s credit rating to Baa3 from A3, while Italian three-year notes yielded 5.30%, which compares to the 3.91% offered in May.

A report by the Bank of Spain showed commercial banks borrowed a record €287.8bn from the European Central Bank in May amid speculation that the Governing Council will act in July as the outlook for the region turns increasingly bleak.

Helped by U.S QE3 speculation and positive Greek polls EUR/USD recovered from a day low of 1.2543 to hit a high of 1.2620 by late afternoon – a resistance level that is unlikely to be broken ahead the coming critical weekend.

While the market is not about to forget about the Eurozone crisis, a win for New Democracy may in the short term spark a healthy Euro rally.
Moody’s predicted Irish home prices are due to fall 20% or more.

In the US, Core CPI month on month data which looks at the change in the price of goods and services came out as predicted at 0.2%.

Weakening US jobless claims as well as yesterday’s disappointing retail sales release weighed on the US dollar yesterday amid increased expectations of a more dovish Federal Reserve.

After keeping Interest rates on hold on Thursday and reiterating their aggressive stance on the EURCHF floor, Chairman of the Swiss National Bank, Thomas Jordan has said he expects a significant slowdown In Switzerland’s Q2 GDP Growth.

The Bank of Japan said it would leave its key interest rate at between zero and 0.1% but would also leave a 70 trillion yen ($885bn) asset purchase programme unchanged.

Daniel Fountain / 14.06.2012

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.