Mario Draghi having previously faced questions of tapering the bond buying program, suggested on Friday that the European Central Bank would be prepared to increase their Quantitative Easing measures past the expected end date in March next year. Some analysts believe that this is essentially an explicit statement of intent and that more easing is coming. The previous talk of the asset buying plan being reduced led many to believe that the Eurozone was on the up; however this now seems to of been premature.
The previous leader of the Labour party is said to be leading a cross party group of MP’s who believe there should be a vote in the commons before negotiations for the Brexit start. They have suggested that the UK’s referendum was not a vote to leave the single market just the European Union. Miliband has said it would be an “outrage” if Theresa May was to start negotiating before allowing all MP’s to vote on what should be the Brexit conditions.
The EU Extraordinary Summit will take place on Thursday this week which sees the leaders from across all the member states come together to discuss current issues. There is so much going on in the European Union that any commentary coming from this event could cause major market volatility. This will be the first time all the leaders will meet publicly since Prime Minister Theresa May announced the intentions to invoke article 50 in March 2017.
There will be Economic Sentiment data for the Eurozone, followed by industrial production data and trade balance figures. With so much data being released and major events taking place it’s important to keep in contact with your broker to ensure you’re trading at the best times.
Political events this week could shape Pound to Euro exchange rates, stay in touch with your broker regularly to ensure you are kept up to date with the latest news on 01494 725 353.
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