020 7898 0500The euro, like many other major currencies, suffered against sterling yesterday due to increasing support for the ‘Remain’ Campaign for the UK to remain in the EU. Sterling gained over 1.5% against the euro during the day. This was one of the biggest single day rallies in a decade! This euro weakness against sterling was at odds with the US dollar, where the Euro saw much of its strength during the morning session only for it to fall back to around its start price by the close of play.
With Eurozone data releases taking a firm backseat for the rest of the week and the focus falling on the EU referendum, tomorrow’s European Central Bank (ECB) speech from President Draghi and the Economic Sentiment may have no impact on currency price at all. Having said this, if the ECB President uses the speech as a way of persuading UK voters to remain this could weaken the euro versus sterling as the likelihood of ‘Brexit’ reduces. The reverse could also be the case as key figures and arguments are coming out of the woodwork with only four days to go.
If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
