In yesterday’s policy meeting, the ECB asserted its desire to continue QE purchases until September and, to maintain the zero-interest rate policy rate further into the year. This is due to moderating Eurozone economic recovery growth. As a result, the Euro is mostly unchanged. (But it is weakening against a stronger USD)
GBPEUR saw a minor jump yesterday to 1.15. But Sterling weakness today brought it back down again – to 1.142 at the time of writing. Therefore, because both economies – UK and EU – are now stuck in the slow lane, their exchange rates are also mired into choppy trading. The nearest support for this rate is at 1.36.
For GBPCAD, the rate is on the cusp of breaking 1.78 range support. A further decline looms.
Jackson has over 10 years experience as a financial analyst. Previously a director of Stockcube Research as head of Investors Intelligence providing market timing advice and research to some of the world largest institutions and hedge funds.
Expertise: Global macroeconomic investment strategy, statistical backtesting, asset allocation, and cross-asset research.
Jackson has a PhD in Finance from Durham University.