ECB reduced its rate to 0.75%

Published on in Foreign Exchange News by

In a day of giving, with monetary easing in Europe and China as well as further Q/E by the Bank of England, the Euro followed suit and gave back all its gains made since the E.U. summit.

Comments in the post press conference by ECB President Draghi also confirmed continued weakness in the Euro Zone economy. This comes despite the fact the ECB reduced its benchmark rate to 0.75% and deposit rates to zero. We now have growing speculation for additional Q/E measures going forward and a close below the €/$ 1.2400 level could technically lead to further falls to €/$ 1.2100 levels thus influencing further USD strength in general.

Sterling broke back above the € 1.2500 level after the expected additional Q/E of £50 billion, although the LIBOR rate fixing saga will surely hit the news again soon. Overall USD strength has led to the Pound trading towards the $ 1.5500; the next level to watch out for would be a close below $1.5400 next week.

Today we have monthly U.S. non-farm payroll data which, as always, will be closely monitored by market participants.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24520 1.25430
GBP/USD 1.55770 1.55370
GBP/CAD 1.57780 1.57730
GBP/NZD 1.93870 1.93490
GBP/AUD 1.51630 1.51320
GBP/AED 5.71420 5.70570
EUR/USD 1.25120 1.23860
GBP/CHF 1.49560 1.50450
GBP/ZAR 12.7159 12.6298
GBP/SEK 10.8162 10.7937
GBP/JPY 124.851 124.173
GBP/PLN 5.23730 5.26800
USD/PLN 3.34920 3.38480
EUR/PLN 4.20660 4.20600
EUR/CHF 1.20130 1.20120
GBP/MAD 13.7338 13.7956
PLN/EUR 0.23770 0.23780
GBP/CZK 31.7480 31.8850
GBP/DKK 9.25870 9.31450
GBP/HKD 12.1261 12.0691
GBP/HUF 355.279 358.154
GBP/NOK 9.35820 9.36370
GBP/INR 85.2042 85.5261
GBP/THB 49.2194 49.0882

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