IFX Market Report for 30/04/2012

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UK

GBPUSD began Friday’s session at the low of 1.6179 and moved to an 8-month high at 1.6278 in late trading which is a level not seen since 31st August 2011, markets have seen little change over the weekend and opened this morning at 1.6284. GBPUSD has now rallied from a low 1.5818 to a high of 1.6300 in only 10 trading days as QE3 expectations have increased.GBPEUR opened at 1.2292 on Friday and eventually closed the day at 1.2255. Markets opened this morning at 1.2293 and has reached a high of 1.2306, struggling to breach the next resistance level at 1.2307.

Governor Mervyn King has 10 days left to decide on whether to risk halting stimulus for an economy trying to shake off a recession. Reports starting tomorrow on manufacturing, construction and services, as well as consumer credit and house prices, will set the scene for data building up to a decision on QE on May 10.
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WORLDWIDE

The US dollar weakened across most major currencies since Friday as US GDP came out worse than expected at 2.2% compared to a 2.6% forecast.

During Friday’s session EURUSD hit a high of 1.3270 after starting at 1.3156 which was the low of the day. The weekend trading saw the Euro recover some losses and this morning is trading comfortably above 1.32 again, reaching a high of 1.3264.

Data released this morning showed German Retail Sales continued to improve, posting 2.3% on an annualized basis.

Eurozone Consumer Price Index has showed that inflation across Europe has fallen slightly but less than expected. The smaller than expected fall means ECB are less likely to be forced into further stimulus. This has had a fairly muted effect on the currency markets and EURUSD remains near today’s open price at 1.3229.

S&P Managing Director Moritz Kraemer has said that if Spanish debt ratio slips much further, additional rating downgrades will be likely and create downside risk to almost all euro zone sovereign ratings.

On Friday the Spanish government announced a VAT rise in 2013 and also released data showing unemployment has hit a record high reaching 24.4% and is expected to rise further throughout 2012. Spain has the highest unemployment rate in the EU.

Swiss central bank president Thomas Jordan commented on whether the SNB should introduce negative interest rates stating “We haven’t introduced negative interest rates because the minimum exchange rate has worked very well so far and because it wasn’t necessary”.

On Friday the Italian 10-year bonds were sold at yields of 5.84% which was higher than the previous months at 5.24%.

In early Asian trading on Friday we saw the bank of Japan expand the size of its Asset purchase fund by JPY10 trillion to JPY40 trillion adding that it also believes its 1% inflation target will be reached. After only a two hour rally up to 131.65, the pair has retreated again to trade around 130.50 since the intervention.

Daniel Fountain / 29.04.2012

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.