Sterling Euro exchange rates get close to a 9 month high – Draghi knocks it back

Yesterday saw GBP/EUR exchange rates get close to the highest levels we have seen in almost 9 months, following a positive vibe around  U.K economic performance of late and comments from Angela Merkel that she would like to see a close relationship with the U.K post Brexit.

As the day progressed those highs quickly vanished, as we heard from head of the European Central Bank Mario Draghi during the ECB interest rate decision and press conference.

Draghi did not make any sweeping changes to fiscal policy but he did make a few comments including the fact that he felt that current economic data within the Eurozone points towards solid economic growth and that he also is not targeting the value of the Euro.

Comments earlier in the week from other members of the ECB had suggested that they feel that the Euro is too strong and that this is impacted European exports, which led to belief that Mario Draghi may seek to do something to tackle this, this speculation had weakened the Euro a little and the fact it didn’t happen then allowed it to fight back.

The Euro gained almost a cent against the Pound during the press conference and also managed to hit the best rate against the Dollar  in 17 months.

Personally I would not be surprised to see the Euro be fairly solid throughout the course of today following on from yesterday, however should this strength against the Dollar continue they will have to consider doing something, which is turn may weaken the Euro against the Pound.

If you have a Euro exchange to make in the coming days, weeks or months ahead then  it may be prudent to get in touch with me directly, Not only will you find that you save money on your rate of exchange but also you will find that our level of customer service if extremely high too.

You can email me (Daniel Wright) directly on djw@currencies.co.uk with an overview as to what you are looking to do and I will be more than happy to get in touch and discuss your situation personally.

For more news on foreign exchange rates and to request a free no-obligation quote visit www.currencies.co.uk