The European currency surges higher after the European Central Bank officials release their bond purchasing details. The euro managed to extend its lead amongst the number of currencies, especially one of its adversaries, the dollar.
Pound, Euro Debacle
On the other hand, the sterling also managed to jump on today’s market. The pound also managed to overtake the euro despite having a great run in the market; it managed to hit its highest levels against the euro in more than five weeks.
The pound also managed to outpace the lackluster dollar on its recent market performance. The sterling hits a massive surge against the greenback with figures hitting massive figures, last seen almost a month ago.
The sterling continues to run bullish in the market as great Brexit reports have been tallied this past week. According to reports, Britain and the European Union are looking to have a closed and broad agreement on the post-Brexit transition.
The sterling managed to hit an impressive 0.18%, at 87.95 pence per euro. Against the dollar, the pound tallied a managed 0.67% at $1.4035.
ECB Pushes Euro Prices
The euro, despite having a steep battle with the pound, still posted strong gains due to the recent ECB meeting results. The recent meeting is looking to spark the interest rate hike talks and it may be sooner than expected.
According to the ECB officials, they are looking to agree on the shift they are looking for on their previous debate regarding their bond purchasing plans. The officials have been looking into the possibility of their future with the slow surge in inflation.
The euro managed to hit a total of 0.46%, at $1.2344, but against the pound, the euro tallied dips on its stronger market dominance. The oozing optimism from the post-Brexit results continues to outweigh the euro positivity.
Dollar’s Possible Future
The dollar is posting softer reports in the market, especially against two major currencies in the form of the pound and the euro. The Federal Reserve and its hawkish stance continue to bring the dollar up but not enough for it to bolster pass these currencies.
Furthermore, the Fed is still expected to raise the rates this week, after their policy meeting this Wednesday. This will help the dollar index as it sinks slowly in the market. The index is down by a total of 2% this year alone.
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