EUR/GBP: Euro Poised for a Weekly Drop on ECB Verbal Intervention and EU Budget Cuts

Yesterday, European Central Bank President Mario Draghi caused the Euro’s biggest drop in seven months, and is poised to end in a steep weekly loss opposite the British pound as exchanges come to a close. In a signal that further interest-rate cuts from the ECB remain a possibility, investors opt for a Euro selloff, not to mention the first-ever cuts in the bloc’s budget, as European Union leaders bow to UK Prime Minister David Cameron’s insistence on thrift at the EU level…

Continue Reading...