Mayday protests are in full swing across Europe and much of Asia, with the main theme being a rallying cry against the harsh austerity measures being imposed by governments.
Protests in Greece and Spain gave their embittered populations a chance to express their anger and frustration against the worsening situation. Most of the major cities were brought to a halt by the marches that saw tens of thousands of protestors take up banners.
“This is an expression of peaceful, firm, democratic rebellion against an attack on public services, employment, and social rights,” said Candido Mendez, secretary general of Spain’s General Workers Union.
In Athens a small group of trouble makers set fire to a political party’s campaign booth and clashed with police. Molotov cocktails were thrown with police retaliating with tear gas and stun grenades. Apart from the small riotous element the protests have proceeded peacefully.
Several protestors marched on the nation’s parliament building to protest against the right wing Golden Dawn party. Some believe it is a neo Nazi organisation.
In the United States the latest figures from the Institute Supply Management’s index show that manufacturing increased last month. Productivity rose from 53.4 to 54.8. Any number above 50 represents growth.
The United States figures indicate growth for the 35th consecutive month in the overall economy, as well as expansion in the manufacturing sector for the 33rd consecutive month.
Bradley J. Holcomb the chairman of the ISM said, “The past relationship between the PMI and the overall economy indicates that the average PMI for January through April (53.7%) corresponds to a 3.8 percent increase in real gross domestic product (GDP). In addition, if the PMI for April (54.8%) is annualized, it corresponds to a 4.1 percent increase in real GDP annually.”
The figures could be an indication that the US economy is heading in the right direction for a strong economic recovery.
The Pound remains strong against the US dollar suggesting that confidence in the US has not yet fully recovered.
The Pound to Euro exchange rate is expected to stay high at 1.226
The Pound to US Dollar exchange rate expected to stay strong at 1.621
The Euro to US Dollar exchange rate is expected to remain in the region of 1.323
The Euro to Pound exchange rate is predicted to continue dropping to 0.814
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