GBP continues to plummet as Euro gains
GBP continues to fall against the euro today. This could be attributed to the expected policy decisions from the European Central Bank and the Bank of England later today. The ECB meeting is set to influence currencies as President Mario Draghi has promised to preserve the Euro at all costs. This has had a part to play in strengthening the Euro. Any disappointment in the ECB meeting could cause the euro to plummet against major currencies.
Against the dollar, sterling was flat at $1.5540. The dollar was clinging on to gains after the U.S. Federal Reserve refrained from providing additional stimulus.
The euro zone debt crisis far from over, we still see the GBP and the euro change position. Over the longer term, we continue to expect more sterling downside against the dollar and the yen especially if concerns about the euro resurface.
The strong trade link with the euro zone has made many investors wary of the GBP. The sharp downturn in the euro zone has kept the UK mired in a recession with latest manufacturing activity offering little solace. Consequently, this affects the GBP.
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