The turkey might be finished, the stockings might be limp and empty and Santa might be banished to the North Pole for another 12 months, but there is some good news to be had.
Yesterday the Euro was able to benefit from heightened risk-appetite, triggered by positive developments in the US, and there was further good news for the common currency today.
The Euro was buoyed by the release of a report which showed that in December Italian business confidence increased for a second consecutive month.
Although economists participating in a Bloomberg News survey had predicted a reading of 88.8 the Italian manufacturing-sentiment index actually increased to 88.9 this month.
Decembers figure is 0.4 higher than that recorded in November.
Increased optimism amongst executives as a result of the Italian recession easing in the third quarter of this year has been cited as the main reason behind this rise in business confidence.
In the three months through to September the Eurozone’s third largest economy shrank by 0.2 per cent, significantly less than in the second quarter and less than predicted by industry experts.
As one of the largest economies in the 17-nation currency bloc, good news for Italy is good news for the Eurozone as a whole. However, with the Italian economy in its second year of recession, and its fourth recession in the last eleven years, further positive reports will certainly be needed in the months ahead.
As of 15:48 pm
The Pound to Euro exchange rate is currently trading at 1.2196
The Pound to US Dollar exchange rate is currently trading at 1.6183
The Pound to Australian Dollar exchange rate is currently trading at 1.5592
The Euro to US Dollar exchange rate is currently trading at 1.3264
The Euro to Pound exchange rate is currently trading at 0.8196
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