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ECB monetary policy remain unchanged (Dayle Littlejohn)

Friday, October 21, 2016 1:23
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(Before It's News)

Yesterday afternoon the European Central Bank made no surprises and kept interest rates at 0%. Shortly after President Mario Draghi addressed the market and stated the Quantitative Easing program would not be changed or tapered this month. However there is a chance the ECB will act in the future and extend the program past March 2017. Personally I wouldn’t be surprised to see the Q.E program extended early next which means the euro should devalue at that point.

As for GBPEUR exchange rates the next main event that should cause major volatility is the UK interest rate decision next month. Many economists are predicting that the Bank of England will cut interest rates to 0% which would in turn devalue sterling. Most of the major banks are forecasting further drops for GBPEUR exchange rates in the future and I have to agree. Therefore Euro buyers with sterling may wish to act sooner rather than later.

Many clients do not realise that they can lock into exchange rates now and pay later if they do not have all of their sterling available. This is known as a forward contract!

For more information in regards to the currency market, forward contract or how I can achieve you the best rates possible feel free to email me with your requirements, timescales, the best number to reach you on and I will give you a call to discuss your options drl@currencies.co.uk.

** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **

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