The ECB press conference held this afternoon has seen the Euro strengthen by as much as 2 cents during the course of today’s trading session.
ECB president Mario Draghi has claimed that although the Union is facing exceptional challenges the adjustments made in Greece have helped to bind the Eurozone together.
Furthermore, Draghi has acknowledged that although inflation is low he expects it to rise again towards the end of the year and comments from ECB member recently Nowotny means that it is becoming less likely that QE will be used.
The rates for GBPEUR are likely to be affected by what happens tomorrow afternoon in the US with the release of Jobless Claims and Durable Goods orders as they will show how the world’s leading economy is performing.
Typically any positive news in the US tends to strengthen the US Dollar and weaken the Euro so this could see Sterling gain against the single currency during tomorrow afternoon’s trading session.
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