Spreadex Market Update
Euro strengthens further as ECB keeps rates unchanged
The strength in the Euro in recent months has led today to the trimming of inflation rates. ECB chief Draghi announcement appears to suggest there will be a much more gradual tapering of the unprecedented asset purchase (currently at £55bn/month). The announcement saw the EUR/USD break above 1.20, and the GBP/EUR fall below 1.09. In turn, the DAX lost some of its late mornings gains but still kept in and around the 12300 level. The FTSE saw gains (as the Pound slightly dropped) and has settled around the 7400 mark.
Elsewhere, US unemployment claims rose from 236k up to 298k. This 26% increase was solely placed on the areas affected by Hurricane Harvey, with data suggesting the rest of the US followed the expected forecast figures.
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