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Irish Currency in Double Dip Recession

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Latest Exchange Rates At Time Of Writing

Indicative Rates Sell Buy
GBPEUR 1.1740 1.1768
GBPUSD 1.5824 1.5848
EURUSD 1.3459 1.3480

The Q2 growth figures were released which showed that the Irish economy was the first of the lot to fall into a double dip menace. This has been for the first time since recession. The figures that were released now showed that there was a fall in the level from 2.7% to 1.2% in foreign exchange rates. The decline was so horrific that it stunned many people to a great degree. The figures are not just astounding they are depressing as well.

The foreign exchange rates and the trading too has been affected by the rumors that have come from the report of the Irish bank regarding the lowering of the figure rates. This is the result of the defaulting on debt that has been a matter of great concern. This debt has risen to a record level of 55. This present status of the Irish debt level makes the economists conclude that the default on the debt might reach the level that had been faced by Vietnam once.

The combination of the reports that is being shown along with the poor PMI levels the European manufacturing and services sector has shown a downward move. Euro is steadily losing its ground in foreign exchange rates and that is clearly visible. But then the scenario is not just restricted to Europe. The joblessness situation at USA also shows similar picture.

Whether it is Euro or Dollar, the situation is similar everywhere. This makes people take a lot of concern over the quantitative easing of the US economy. This particular condition is bound to stay for the second half of the year. There were more interventions of Japan in this field with the JPY losing ground. In such a situation not much is being heard from the finance ministry of Japan.

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