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3 Sep 2015
EUR/GBP falls below 0.7300 as the euro tumbles
FXStreet (Córdoba) - EUR/GBP dropped below 0.7300 as the euro plummeted with Draghi’s press conference. The pair bottomed during the event at 0.7277, the lowest level since Monday and it remained below 0.7300.
After losing quickly 80 pips the pair stabilized and it has been trading around 0.7298 and 0.7275 during the last hours. The decline was boosted by words coming from the European Central Bank that left interest rates unchanged and lowered inflation and growth projections; Draghi pointed out that the central bank is ready to do act if necessary. “On his birthday, Mario Draghi did not receive, but actually gave a present to financial markets, stressing the ECB’s determination to do everything to support the Eurozone economy”, said Carsten Brzeski, analyst at ING Bank.
EUR/GBP reverses and approaches 0.7250
The pound was falling versus the euro earlier, weakened after UK data but then jumped. The currency is also rising versus the Swiss franc today but versus the US dollar dropped further and is trading at the lowest level in almost three months.
The decline of EUR/GBP brought the price closer to the key support of the latest two weeks located around 0.7250. A break of the mentioned level could open the doors to a bigger slide.
After losing quickly 80 pips the pair stabilized and it has been trading around 0.7298 and 0.7275 during the last hours. The decline was boosted by words coming from the European Central Bank that left interest rates unchanged and lowered inflation and growth projections; Draghi pointed out that the central bank is ready to do act if necessary. “On his birthday, Mario Draghi did not receive, but actually gave a present to financial markets, stressing the ECB’s determination to do everything to support the Eurozone economy”, said Carsten Brzeski, analyst at ING Bank.
EUR/GBP reverses and approaches 0.7250
The pound was falling versus the euro earlier, weakened after UK data but then jumped. The currency is also rising versus the Swiss franc today but versus the US dollar dropped further and is trading at the lowest level in almost three months.
The decline of EUR/GBP brought the price closer to the key support of the latest two weeks located around 0.7250. A break of the mentioned level could open the doors to a bigger slide.