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Investors, project designers and construction companies appear to have all gotten what they wanted from the new Urban Development Master Plan (GUP) – the opportunity to build throughout Zagreb in a much less constricted way. The paper lists the...

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Currency Reports

Currency Report - 13th Dec 2005

13.12.2005.

Report provided by Excel Currencies

Dec. 13 - The pound fell the most in two weeks against the dollar after a report showed U.K. inflation slowed more than economists expected in November, giving the Bank of England more scope to lower interest rates.

The annual rate of consumer-price increases decelerated to 2.1 percent from 2.3 percent in October, the Office for National Statistics said today. That compared with the median estimate of 2.2 percent in a Bloomberg survey of economists.

"The market is free to look for lower rates because we're likely to see inflation dropping from here," said Gavin Friend, a currency strategist at Commerzbank AG in London. "It's likely we'll see further losses for the pound."

Inflation, which has exceeded the bank's 2 percent target for a fifth month, has begun to ease as oil prices fall. Concern inflation may stoke demands for higher pay prevented policy makers from reducing their benchmark rate in December for a second time this year.

The pound, which is headed for its worst year against the dollar since 2000, has been hurt as slowing growth prompted the Bank of England to cut interest rates for the first time in two years on Aug. 4.

`Struggling' Households

"The U.K. household is struggling and there's not much to support growth at the moment," said Niels From, a currency strategist at WestLB AG in Dusseldorf, before the report. "We can see the pound weaken further this year."

The BOE left the main lending rate at 4.5 percent on Dec. 8, in line with the estimates of all economists surveyed by Bloomberg. Policy makers led by Mervyn King cut their key rate from 4.75 percent in August and will lower borrowing costs to 4.25 percent in March, according to the survey.

King said Nov. 24 U.K. inflation has reached a peak, and will slow to the government's 2 percent target next year. Consumer price gains have met or exceeded the target for the past five months.

Former BOE official DeAnne Julius said on Dec. 8 policy makers may have to lower borrowing costs next year to revive a sluggish economy.

"There is not much out there to pull the economy up in the absence of a rate cut," Julius said. "It does seem to me the fundamental drivers for growth in this economy are rather fragile at the moment."

Other News:

SDP and Constitutional Changes, 11.01.2007.

Dalmatian Popularity Poll, 09.01.2007.

Currency Report - Tuesday 7th November, 07.11.2006.

May Currency Report, 15.06.2006.

Currency Report - 11th Nov 2005, 21.11.2005.

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