Daily News | BoE’s new stimulus package

It’s been quite an interesting week so far, with plenty of new and intriguing possibilities on the currency market, and that’s what we can expect in the following few days, at least if the news is to be believed. Join us as we explore global events and their influence on your bottom line. We start with the euro. From Monday to Tuesday, the currency fell from $1.1272 to $1.1207. This came as a slight surprise, seeing as the stimulus from Deutsche Bank shares pushed European stocks higher, which eased concerns about the German financial sector. The bank’s stocks rose 3% in early deals, helping the pan-European STOXX 600 index rise by 1.2%, led by banks .SX7P. Now, let us have a closer look at the British pound sterling. In the same timeframe, the GBP rose from $1.2978 to $1.3002. This came as Bank of England Deputy Governor Minouche Shafik said she expected the bank to help the British economy with a stimulus package, at some point in the future. The BoE previously signaled a drop in interest rates this year, even though it seems that Britain’s economy did not suffer as serious a drop as was expected after Brexit. She further stated that further monetary stimulus would be needed and we will continue to monitor these plans as they develop.

Daily News | What to expect from the market?

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Author: Max Rothstein

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