Sterling – Euro today
A busy day for GBP/EUR today as interest rate decisions were released from both the Bank of England and European Central Bank, along with a press conference from head of the ECB Mario Draghi.
Neither rate decision really threw up any huge surprises however the press conference over the course of the afternoon did lead to quite a jittery market. Draghi once again reconfirmed his statement from last month that he feels the Euro is irreversible, and this coupled with the news that Spanish bonds were still remaining fairly steady ensured that the Euro is still holding firm against the Pound.
With little data out today for the U.K and indeed the Eurozone I would expect rates to remain fairly range bound of the course of today unless we hear of any progression with the almost certain pending Spanish bailout. If you look back at the week for both currencies then personally I feel the Euro has nudged it so might strengthen again slightly tomorrow.
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