One of Mario Draghi’s most interesting days as President of the European Central Bank will come tomorrow as the under-pressure ECB deliver their latest interest rate decision. After several years of quantitative easing came to a close only a few months ago, the EU has struggled economically. Germany is on the cusp of a technical recession and problems in Italy and other southern nations are no secret.
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Some analysts suspect that we may see a hint towards a re-introduction of quantitative easing, furthermore the interest rate hike in the EU expected this summer could be all but ruled out.
President Draghi will answer questions after delivering his statement and if you take in account his previous form, he always seems to somehow strengthen the euro. However on this occasion it seems hard to see how that might be the case with some difficult words from the ECB’s leader expected.
If you’re looking to purchase euros then tomorrow could well be a good window of opportunity with clients looking to sell euros arguably sensible to act on the rate today. Make sure you’re in touch with your broker to discuss your options.
After years of Brexit talks potentially coming to a conclusion in the near future, the focus will now turn to the election of the European Parliament. There is expected to be an overhaul of current Members of the European Parliament (MEP’s) with major names not expected to keep their current roles.
There has been a rise of nationalism across the EU following the migrant crisis last year, and voters in Germany for example expressed their discontent about Chancellor Angela Merkel forcing the country into a broad coalition.
This pattern could begin to unfold and start to have an impact on the EU itself, and investors in the euro may start to get cold feet depending on who ends up in what position.
These are uncertain times for the Eurozone, and today Mario Draghi could provide some further indication as to how concerned people should be. Eyes may soon turn to the economic situation in the EU and at the moment it does not make for positive reading so make sure you consider this when looking to complete a mid-term currency transfer.
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