| NJ5 said: Something to keep an eye on: huge and rare move down on the Euro and Pound today due to debt crises in several European countries. Euro 3% down against yen and more than 1% down against the dollar. Euro to yen: http://finance.yahoo.com/q/bc?s=EURJPY=X&t=1d&l=on&z=m&q=l&c= Euro to dollar: http://finance.yahoo.com/q/bc?s=EURUSD=X&t=1d You can bet Japanese gaming companies are paying attention to this, and American ones will too if it goes more down. Another hit on the fragile gaming industry could result. (btw, "financial crisis / recession is over" my ass)
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The pound will recover because It has to devalue before it can recover, the Euro however is much more entrenched due to it's wide usage.
E.G. if 2 countries are in recession but three are recovering, the two countries in recession will stay in recession because there currency has not devalued enough to encourage investment and vice versa if three are in recession and 2 are recovering, the recovering country's will lose out due to a weak currency!
So this means that while the pound may suffer, it is a short term thing, where the Euro will have longer term problems.
The only solution to this problem is to get other European member states to invest in the weaker memberstates, thereby straining the profitable nations to build up the failed!
This is why we say NO to the EU!!!
