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Euro Strength after ECB Meeting (James Lovick)
The Euro has strengthened against the pound again today with rates for GBP EUR falling to a low of 1.1452. The European Central Bank made no changes to interest rates today but the ECB President Mario Draghi did say the bank is more optimistic on the Eurozone outlook. He also suggested that there was less urgency to take action with regards to extending the asset purchasing programme. His comments appear to have helped strengthen the Euro with gains of about 0.5%. There is currently an excellent opportunity to sell Euros.
The European elections however should start to weigh on the Euro although there hasn’t been much sign of this to date. The Dutch elections next week will test how much support is really out there for Geert Wilders’ Freedom Party. Whilst it is generally expected that it will be very difficult for him to form a government the markets will be particularly interested to see how well he fares which could give some guidance as to how the French Presidential candidate Marine Le Pen could perform in the French election. The Dutch election is held 15th March and it has the potential to create high volatility for Euro exchange rates.
Those clients with a Euro requirement either buying or selling would be wise to get in touch to look at the options available to you and minimise your risk to these volatile currency markets. Those clients selling Euros in my view could receive a shock if support for Wilders and Le Pen is stronger than anticipated.
If you would like further information on Euro exchange rates or any of the major currencies and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on [email protected]
Source: http://www.eurorateforecast.com/2017/03/09/euro-strength-after-ecb-meeting-james-lovick/
