Sterling falls against the Euro (Tom Holian)

Pound to Dollar Rate Drops to One-month Low

Sterling has fallen vs the Euro during yesterday’s trading session following the announcement made by ECB president Mario Draghi.

As expected Eurozone interest rates were kept on hold at their historic low of 0.05% but his comments suggested that although QE would likely start in the first quarter of next year it would not necessarily be in January.

Sterling did see the benefit of a positive Autumn Statement but the announcement by Draghi led to Sterling weakening by almost 1% against the Euro during yesterday afternoon proving how volatile the currency markets can be.

Later today the latest set of Eurozone data comes out in the form of GDP. The consensus is for no change from the previous revision of 0.8% so any better news could provide the Euro with some strength.

If you have a currency transfer to make and want to save money on exchange rates compared to using your bank then contact me directly for a free quote. Tom Holian [email protected]