The euro weakened against the pound yesterday as the ECB slashed growth forecasts from 1.7% to 1.1%, against a backdrop of poor economic performance in the single currency zone. The central bank also held off on rate hikes, as expected, with a raise now not expected until next year.
Britain is still struggling to get any meaningful breakthrough on an amended withdrawal agreement from the European Union, with Attorney General Geoffrey Cox’s proposals rejected on Tuesday. Today, he will return with a revised plan.
Euros loss was the dollar’s gain, as the greenback remained strong despite the US trade deficit hitting a ten-year high in December. Today will be an interesting day for economic releases, with non-farm payrolls, unemployment and average earnings on the agenda.
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