The euro is back up against the pound this morning, after a brief dip as the ECB revealed the results of its meeting, signalling a potential rate cut in September and further QE packages. Mario Draghi highlighted the economic outlook for the eurozone getting ‘worse and worse’, with a need for further action to boost growth.
The pound has slightly dropped again this morning, after EU officials said they would not consider removing the Irish backstop from the withdrawal agreement. For the markets, this is another sign of the increasing likelihood of no-deal, as Boris Johnson has now repeatedly said that the 31st October deadline must be adhered to.
Today will be a busy day in the US, with GDP data and the possibility of a hint of whether a rate cut is to be expected or not.
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