The European Euro recorded a slight drop of 0.3% since the market opened today. The EUR / USD pair price is at the level of $ 1.17 compared to $ 1.18 last week. European Central Bank (ECB) President Christine Lagarde, through an open statement, hinted that there would be a change in the ECB's strategy in the face of the Covid-19 crisis in the European zone. The ECB will most likely take the same approach and in line with what the Federal Reserve is doing.
The inflation target set by the ECB this year is seen as still failing to be achieved. The latest inflation data confirms what the ECB is concerned about as inflation data is lower than expected. An aggressive approach needs to be taken to increase inflation.
The same is true of the Great Britain Pound Sterling (GBP) where depreciation also occurs. GBP / USD is currently hovering around $ 1.28 compared to $ 1.29 last week. Among the issues plaguing the GBP currency is the ongoing BREXIT UK-EU negotiation factor which is still ongoing and slightly under pressure following the Covid-19 pandemic crisis that disrupted economic growth.
Bank of England (BOE) chief economist Andy Haldane said in a press release that the BOE should not close the door on discussions on efforts to keep current interest rates at a negative level.
Meanwhile, the value of the US Dollar was seen to be slightly positive as soon as the political debate between President D.Trump and his challenger Joe Biden was over. For EUR / USD and GBP / USD pair trading ideas, please refer to the graph below.
EURO AND GBP CURRENTLY DECREASED WHILE USD POSITIVE AFTER TRUMP-BIDEN DEBATE
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BREXIT: BORRIS JOHNSON WARNS PREPARED WITH “NO DEAL”, EUROPEAN UNITED PLEDGE TO INCREASE INTENSITY OF NEGOTIATION