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EUR Forecast – Will the Single Currency Find Market Support? (Matthew Vassallo)
The EUR has continued to deceive of late, with a number of false dawns offering hope to EUR sellers. These moves have been short lived however, with investors having to watch their EUR gains evaporate almost as quickly as they came about. This trend is particularly evident against the Pound, where we have seen increased volatility as speculation mounts as to whether the Euroepan Central Bank (ECB) will act to counter the on-going concerns surrounding their inflation figures. The general consensus is that they may have to increase, or at least extend their current Quantitative Easing (QE) programme, which is due to run until September 2016. This would almost certainly devalue the EUR if it were to occur and despite today’s bullish statements by ECB president Mario Draghi, the region is still fighting against a tide of negative feeling.
Yes, in my opinion the current QE programme is having a positive effect but due to the complex nature of the Eurozone set up and its individual economies trying to work in tandem, the region seems to take one step forward and then two back.
Looking ahead and we have another address by Draghi today and as always I expect him to come out fighting but with GBP/EUR rates sitting close to a 7 year low, I do expect this to turn the tide in the EUR favour. However EUR sellers may want to look towards tomorrow for some comfort, with the latest set of Eurozone Gross Domestic Product (GDP) expected to show an improvement to 1.7% growth. If this does occur we may see the EUR gain some support and move back towards 1.40 against GBP as we head into the weekend.
If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me directly on [email protected]
Source: http://www.eurorateforecast.com/2015/11/11/eur-forecast-will-the-single-currency-find-market-support-matthew-vassallo/
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