Pound to euro exchange rate

Jerome Frank
July 21, 2017

Sterling slipped close to €1.11 as the euro strengthened in reaction to remarks by European Central Bank (ECB) president Mario Draghi while the United Kingdom currency was again buffeted by fears over Brexit.

Though Draghi said that no date had been set for discussing any changes to the programme and that European Central Bank rate-setters had been unanimous in their decision not to change their guidance an monetary policy, investors reckoned discussions in the autumn would lead to monetary tightening next year. But Draghi said only that the matter would come up "in the autumn". This leaves the GC on track for an announcement at the 7 September meeting, although risks of a delay until October have increased. Eastern Time. With every economist surveyed by Bloomberg expecting no rate changes, attention will turn to the press conference 45 minutes later, with investors looking for any hints in President Mario Draghi's comments on future stimulus reduction.

Chicago futures speculators had at the same time sold the yen believing that the Bank of Japan would stick to its loose monetary policy at Thursday's monetary meeting, with their net short position at two-year highs.

In the fiscal 2019, inflation is forecast to be 2.3 percent instead 2.4 percent.

One analyst says the European Central Bank seems in no rush to start decreasing its extraordinary bond-buying stimulus program.

"The forward guidance as it stands has given a dovish message for the market".

Unilever shares rose 75 pence to 4,389 pence after the consumer goods giant said pre-tax profits climbed 27 per cent to €4.6 billion for the first half of 2017, as efforts to boost profitability gathered pace despite volatile market conditions.

Mario Draghi sent the euro jumping and sparked a selloff in eurozone government bonds, driving yields higher, at a speech in Portugal last month in which he argued that deflationary pressures had been replaced by reflationary ones.

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The bank also retained its asset purchases of Euro 60 billion a month till December 2017, or beyond, if necessary. Market analysts expect the purchases to decrease and then end next year, and for Draghi to send a clear signal about that at the September 7 meeting.

The bank's quantitive easing and low interest rates were created to fend off deflation. There was "unanimous" agreement in the governing council, he said: "don't set dates".

The monetary authority for the 19 countries that use the euro currency said in its policy statement that it will keep injecting 60 billion euros ($69 billion) in newly printed money into the economy every month at least through the end of the year, and longer if necessary.

ECB President Draghi was unable to push the Euro lower and a fresh dollar slide in USA trading triggered renewed gold support with prices just above $1,245 despite a lack of investor interest.

The euro area current account surplus increased in May largely driven by trade surplus and primary income, data from the European Central Bank showed Thursday.

Draghi is not expected to give much away at his news conference following the meeting of the bank's 25-member governing council, at which no changes in the stimulus are expected.

The euro hovered below a 14-month high on Thursday before a policy decision by the European Central Bank that may lay the grounds for a policy shift later this year. The Bank cut the repo rate to 6.75% from 7%.

Other reports by Guamnewswatch

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