European Central Bank president Mario Draghi has spoken out after today’s monetary policy meeting and suggested that they do not see any negative effects caused by their QE programme.
He went on to say that the Eurozone is showing good signs of growth and this caused EURUSD exchange rates to jump past 1.20 hitting close to an 18 month high for anyone selling Euros to buy US Dollars
Indeed, according to the European Central Bank the Eurozone is set for its fastest growth in 10 years with a forecast of 2.2% for this year.
The sentiment from Draghi was generally very positive and this also caused GBPEUR exchange rates to fall.
Draghi went on to suggest that the ECB would look closely at QE next month which suggests that they may begin the tapering of their current programme as early as October.
The current amount is for €60bn and when this is reduced this is likely to help improve the Euro. However, it could be argued that the movement is already priced in so we may not see such movement when it finally does take place.
The Pound is also feeling the negative effects caused by the Brexit talks and there are still big issues between the Tories and Labour as to how the Brexit Bill will work.
If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency.
A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on email@example.com and I will endeavour to get back to you as soon as I can.