Interest Rate to be cut to 0.25%

Published on in Foreign Exchange News by

The ECB interest rate decision and the Bank of England potential increase of Quantitative Easing will dominate the headlines today.

General market expectation is an ECB rate cut by at least 0.25%. However, should there be a cut of 0.5%, we could see the Euro benefit in the short term. As far as Sterling is concerned the possibility of an additional £ 50 billion of Q/E is very much priced in.

After the EU summit saw the Euro rally this week, we have more or less retraced back to the pre-summit levels. Market sentiment remains Euro negative and any rally is expected to be short lived. Tomorrow the U.S. non-farm pay-rolls are due which will indicate as to whether the recent U.S. economic slowdown has turned or not.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24300 1.24520
GBP/USD 1.56400 1.55770
GBP/CAD 1.58600 1.57780
GBP/NZD 1.94500 1.93870
GBP/AUD 1.52200 1.51630
GBP/AED 5.74290 5.71420
EUR/USD 1.25800 1.25120
GBP/CHF 1.49300 1.49560
GBP/ZAR 12.6800 12.7159
GBP/SEK 10.8400 10.8162
GBP/JPY 124.600 124.851
GBP/PLN 5.22000 5.23730
USD/PLN 3.33800 3.34920
EUR/PLN 4.20100 4.20660
EUR/CHF 1.20100 1.20130
GBP/MAD 13.7149 13.7338
PLN/EUR 0.23800 0.23770
GBP/CZK 31.7000 31.7480
GBP/DKK 9.24000 9.25870
GBP/HKD 12.1290 12.1261
GBP/HUF 354.500 355.279
GBP/NOK 9.34000 9.35820
GBP/INR 85.4900 85.2042
GBP/THB 49.1800 49.2194

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