The pound is currently at a six-month low against the euro as Brexit pessimism continues to dampen sentiment in the UK currency while the euro seems surprisingly resilient despite the increasing prospects of monetary policy stimulus on the horizon.
|Currency Pair||% Change (Month)||Difference on £200,000|
Germany’s Ursula Von der Leyen secures the powerful EU executive top job. Ursula will be in charge of trade negotiations, economic and climate policy and antitrust rulings. The German politician has been open to giving Britain more time to negotiate its exit from the EU bloc and said she would work “in a constructive way” with the new British prime minister.
Economic data in the Eurozone is light this week. A key date for the euro is the ECB (European Central Bank) meeting on July 25th, where they will discuss monetary policy easing options. Last week the ECB pledged to keep interest rates low until the first half of 2020 which is a dovish approach from a central bank that currently has a negative interest rate.
If Mario Draghi, the head of the ECB, keeps the current monetary policy, this could point towards the renewal of Quantitative Easing the ECB worked so hard to conclude last year. This is generally viewed as a negative move for the ECB and could cause weakness on the euro currency.
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