Sterling Euro exchange rates have fallen by over 2 cents during today’s trading session as yesterday’s news filtered into the market.
In a bizarre movement yesterday the news of the Trade Balance really hit the markets hard yet Sterling amazingly went up against the Euro against all expectation.
Yesterday’s comments from Fed Chairlady Janet Yellen also caused a big sell off for Sterling with global investors ploughing into the Euro which is seen as the safe haven for the time being.
With the US recently having predicted to raise interest rates on 3 occasions as this is now unlikely this caused such big movements not only for stock indices but also currency markets.
Eurozone GDP is published tomorrow morning and my expectation is for it to come out much better than expected as during the fourth quarter of 2015 the Euro was extremely weak which surely would have inflated domestic demand.
My prediction for Sterling Euro tomorrow is for rates to drop to their lowest level since November 2014 creating an excellent opportunity to sell Euros into Sterling.
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