Daily News | Chancellor to the rescue

As this exciting trading week continues, new trading opportunities keep arising. Brexit’s consequences are still quite visible all over the world, but in this article we will once again focus on the most important data coming from the global economy and we are going to start with the euro. This currency experienced a rise in value over the weekend, from $1.11387 to $1.11396, which is a continuation of its positive trend. However, because of the concerns raised about the unity of the EU following Britain’s decision to leave, Standard & Poor’s has cut EU’s long-term credit rating from AA+ to AA. EU officials have stated that the impact of this will be minimal, but we advise our readers to stay vigilant, as the euro could experience a small dip today. As far as the British pound sterling is concerned, it rose from $1.32785 to $1.3288, which is certainly good news for the troubled currency. The Chancellor of the Exchequer, George Osborne, is planning to cut taxes for corporations to answer the economic woes caused by Brexit, but will this tactic work? The Chancellor employed this tactic before and it proved to be quite successful previously because these cuts were almost always followed by economic growth. This could help the GBP rise, but be sure to check our website for more news as the situation develops.

Daily News | Trade safely!

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