Sterling Euro Rate Drops to 6 Week Low (Tom Holian)
The European Central Bank has made moves to boost the Eurozone economy and this has led to Sterling Euro exchange rates fall by as much as 3.5 cents from the high to low during today’s trading session.
In what has been one of the biggest daily movements for GBPEUR rates since the general election this has provided some excellent opportunities to sell Euros and unfortunately the opportunity to buy Euros at 1.40 has now disappeared.
The deposit rate has been cut from -0.2% to -0.3% which means European banks will lend more money into the economy and this stimulus could help to avoid falling inflation.
The ECB has also extended the monthly amount of EUR60bn for the next six months up until March 2017 but has also left the headline rate at 0.05%.
ECB president Mario Draghi has confirmed that QE has been working and this has caused huge confidence in the single currency and therefore the reason for the strength during today.
Eurozone inflation fell yesterday to just 0.1% and this is clearly a big worry for the Eurozone and hence the reason for the decision made today.
I think owing to the decision today we could see further Euro strength so if you need to buy Euros then it may be worth cutting your losses.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]
Source: http://www.eurorateforecast.com/2015/12/03/sterling-euro-rate-drops-to-6-week-low-tom-holian/
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