Our commenter Andy B. in the UK has been reporting from inside the logistics industry there a sig drop off in outbound freight volumes from the UK for quite a while. Looks like price cutting in EUR terms has since been implemented in response and now those price decisions are making their way into and effecting the exchange rate.
Pound hits weakest level against euro in 11 months, ahead of Bank of England rate decision https://t.co/lkHDKNXSxf pic.twitter.com/28m5gnBLeu
— Bloomberg Business (@business) January 14, 2016
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I also got some figures today from our sea import people. The average price Ex Shanghai into Western Europe ports for a 40ft container in 2015 was 53% less than 2014 (and that excludes bunker fuel surcharges).
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