Daily News | Draghi gave a speech

The Brexit is still affecting the currency market which is in a precarious position. However, this means that intrepid traders can really make lucrative moves, especially with regard to the British pound sterling and the euro. The most important news on the market today is the speech that European Central Bank president Mario Draghi gave yesterday, as he regularly does. In the short-term, his speech can influence the euro’s trend. Overall, the speech was cautious, with Draghi urging for more alignment of policies between EU members, but stated that there was no need for formal coordination and urged for more understanding between the Central Banks of Europe. The euro rose from Monday to Tuesday, from $1.1017 to $1.1067, but with such a cautious speech and the Services Sentiment and Industrial Confidence indexes expected to drop today, we are predicting a slight drop in the euro’s standing this Wednesday. As for the GBP, it had a positive shift from Monday to Tuesday, from $1.3217 to $1.3344, which could perhaps lead to the stabilization of that currency this week. If we also add to that that the Consumer Credit index is expected to rise today, we are cautiously optimistic about the pound sterling, but we will remain vigilant and watch the market closely for any changes.

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