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Decision time for the ECB
04 April 2014

Decision making from the ECB took a fine line yesterday as Mario Draghi held his monthly interest rate setting meeting and press conference. Many analysts had expected a potential cut in rates. But as predicted Draghi held firm. Still the Euro was able to maintain a push against the over major currencies. Allowing you to send money abroad a little bit more.

The no change policy that is being strongly held by the ECB president is left for people to rely on his monthly press conference that takes place later in the day. He conceded that inflation is on track and the levels the European central Bank was seeing in terms of growth was as predicted. These fine words did outright give the Euro some strength but Draghi did confirm that he would not stop any attempt in future asset purchases, part of the ECB QE program. As the market began to swing in the wrong direction currency brokers moved to sell off the single currency.

The Pound was able to take advantage of this and gained just over half a cent against the Euro. Not to anyone’s surprise the confidence in the US Dollar gracefully preceded on the markets, gaining near a cent on the single currency.

After the mid afternoon slump the US data provided a positive dollar with the release of trade balance figures and US jobless claims. Both data figures did miss their expected targets but while the euro remained low the dollar continued to support greenback and held firm throughout the rest of the trading day. The Canadian dollar continued its onslaught and showed considerable strength against the GBP making moving money overseas to Canada more costly for the British.

Moving onto to today’s trading we see little in terms of data for the United Kingdom and just the Eurozone holding out for German factory orders. We could see sideways trading for the GBP/EUR but as usual we can never predict these things as the currency markets has a mind of its own!

Canadian unemployment kicks of the afternoon and net change of employment, which could see a sting in the tall for the CAD with positive strengthening. While across the border in the US, the focus is put on Non Farm Payrolls and countrywide unemployment data, which can often provide some volatility for the US Dollar against the major currencies. Don’t forget you can always make sure you are up to date with all the news by speaking with one of our dedicated currency brokers to get your international payments overseas.

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