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EUR Improves Following BoE Interest Rate Decision (Matthew Vassallo)
The EUR has improved during Thursday’s trading, moving it away from the near 8 years lows seen against Sterling over the past couple of days. Today’s improvement against Sterling came about, not due to any improved confidence in the single currency but because the UK data releases were not as good as anticipated.
All eyes were focused on the UK today, with the latest Bank of England (BoE) interest rate decision, the minutes from their last policy meeting and a speech by BoE governor Mark Carney. Despite a wide expectation that UK interest rates would be kept on hold at 0.5%, we were expecting more members to have voted for a rate hike. As it occurred only one of its members voted for a rate hike to 0.75% and this dampened market expectation somewhat.
Personally I expect the EUR to continue to find support around the current levels but under current market conditions I do not anticipate a move back under 1.40 in the short-term.
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Source: http://www.eurorateforecast.com/2015/08/06/eur-improves-following-boe-interest-rate-decision-matthew-vassallo/
