President of the European Central Bank Mario Draghi, provided clients using limit order contracts a window of opportunity to buy and sell their euros due to the volatility his words created.
The President spoke in Frankfurt after the ECB interest rate decision and outlined the recovery continues however the ECB leaves the door open to quantitative easing and actually could print more if needed. With the euro going from strength to strength in recent weeks, I am not surprised to see Mario Draghi talk down the euro in a bid to make exports more competitive.
Looking further ahead Mr Draghi has given indication that the bulk of decision are expected to be made in October, however up until then I wouldn’t be surprised to see the President continue to talk down the currency and throughout October expect major swings for euro exchange rates.
Mario Draghi’s words have given US investors the jitters, as EURUSD exchange rates have climbed 0.75%, showing a sell off of US dollars to buy euros. This has had an influence on GBPEUR exchange rates as the euro demand has increased which has pushed GBPEUR lower than when we started the day.
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