Lewis Edmonds
Affiliate Relationship Manager
Mario Draghi’s Speech on the Eurozone
The referendum is the driving force behind exchange rate volatility. How will TV debates impact polls as we approach the final week before the referendum?
Request a quoteA quiet day for Euro data but the focus now appears to be on the live TV debates discussing the referendum. Mario Draghi highlights the importance of a unified Eurozone encouraging members to improve jobs and lower unemployment.
Mario Draghi stresses the importance of the Eurozone working together
Eurozone Central Bank President Mario Draghi urged the region’s political leaders to create more jobs to save the Eurozone from an aging crisis. An aging population would put pressure on the economy due to rising costs in healthcare and less people actually working, this in turn could potentially impact growth for the Eurozone. Although the effects are some time away from being felt, I feel as though this is press that the Eurozone could really do without. Any negative news is likely to be scrutinized by voters of the Brexit campaign.
No data releases today, all eyes turn to next week
As we enter the final two weeks before the results of the referendum are known, as mentioned in my Sterling section, I would expect to see a significant amount of volatility on GBP/EUR rates. The main driver for this in my opinion will be the debates that we have on television.
Next week, industrial production and inflation figures for the Eurozone are released. Industrial production has slowed in 2016 and I would expect this month’s release not to show any different. If anything, the figure released could be worse than expected due to the EU referendum.
The EU referendum is fast approaching and is likely to impact GBPEUR exchange rates, if you are worried about a potential Brexit you may wish to look at forward contract to secure existing exchange rates. Call our trading floor on 01494 725 353 or email me here for more information.
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