All eyes are on tomorrows ECB monetary Policy which will provide little options for Draghi in the struggling economy.
Tomorrow the ECB will once more meet to discuss the Monetary Policy for the Eurozone. Having dropped the interest rate to 0% already and pumping €80bn a month into the economy from quantitative easing (QE) there is little President Mario Draghi can do. The current measures are incredibly extreme however have become somewhat of a norm around the world lately, as the global economy appears to be producing very little in real term growth.
Draghi will speak tomorrow after the interest rate meeting and this will provide an insight into the plan moving forward. The European Central Bank has forced itself into a position where the measures introduced don’t appear to be working. The only place to go for the ECB is negative interest rates, which have been proven not to work anywhere and if there is further QE it’s hard to see what that could achieve.
Theresa May will have her first foreign meeting as Prime Minister with German Chancellor Angela Merkel. This will be followed by a trip to France to meet with French President Francois Hollande. Brexit will of course be the main topic and as nations around the world start to negotiate trade agreements with UK, May will likely take this opportunity to start building bridges.
Politics and breaking news are currently the main drivers of the currency markets. Statements that are released from these discussions will provide an indication as to the attitude of both leaders in what could be a charged affair. Being in contact with your broker could be the difference between trading at the high and the low of the day.
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