Draghi hints at prolonged QE
Today at the European Central Bank (ECB) monetary policy meeting Mario Draghi the head of the ECB has indicated that Quantitative Easing (QE) could well continue into 2019 despite earlier hints that it would be ending this year. QE is pumping money into an economy in order to stimulate growth, current monthly increments are €30bn, if there was to be a cut you would expect the Euro to strengthen significantly. News that QE could continue has caused GBP/EUR to move above 1.15.
In my opinion considering the current situation in the UK in regards to ongoing talks on the custom union situation it is a favourable time to buy Euros. 1.1599 has been the peak of the market in the last 11 months. We currently sit at 1.15, buying a cent away form an 11 month high is not a bad idea if you have to move short term.
If you have time to play with I am confident Sterling is c undervalued. Pre- Brexit levels were in the 1.40s, as further clarity is provided on Brexit the pound will rally, when, depends on the competence and attitude of those negotiating, throwing into the mix other UK political parties with their own agendas complicating matters.
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