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Pound Weak Against Euro – Dollar Weakened – Currency Forecast – Andrew Bromley
The Pound has suffered today against the Euro, as markets anticipate movement ahead of Mario Draghis announcement at 14:00. Draghi (Governor of the Eurozone Central Bank) is up in front of the Eurozone ‘Committee on Economic and Monetary Affairs’. Draghi will be recapping the implementation of Quantitative Easing, plus a general overview of Eurozone Finances. These statements often have a big impact of exchange rates, so tread carefully! The remainder of the day for the Euro has Euro consumer confidence figures at 15:00, followed by a meeting between Angela Merkel and Alexis Tsipras. Merkel and Tsipras plan to trash out yet more finer details on the Greek bailout so an impact on Euro trading tomorrow AM could be seen.
The US Dollar lost some of it’s gains last week, following many predictions that the Interest Rate hike could be delayed until September. USD holders should be cautious of short term movements due to speculation and data announcements, as realistically the longer term outlook is for further USD strength. Therefore if the market spikes to 1.50 and above this could be an excellent time to purchase the Greenback. If I were looking to sell Dollars in the short to medium term, I’d be inclined to act when markets push towards the 1.45 region. We saw this level nearly happen last week when poor UK employment figures, so with a strong Dollar in the build up to the UK General Election, this should be achievable. The remainder of the week for the pair has UK and US Inflation figures tomorrow, US Durable Goods figures on Wednesday and the US Gross Domestic Product reading on Friday.
If you have an exchange requirement and would like to discuss in more depth, please feel free to either email me [email protected] or call 01494 787 478 – It is worth quoting this blog and my name Andrew Bromley – this will ensure you are dealt with on the best possible ledger!
Andrew Bromley
Source: http://www.poundsterlingforecast.com/2015/03/23/pound-weak-against-euro-dollar-weakened-currency-forecast-andrew-bromley/
Yeah but the question is how long will the Euro be able to hold off Pound? I doubt too long but I am already having trades on and I am in a relax mood no matter what situation is since I am already in profits and I am using OctaFX broker with their mind blowing swap free account and to include the SL that I have added on the opening price of my trade so it is a double check for certain profits or at worst zero loss.