Euro to Pound Sterling (EUR/GBP) Exchange Rate Forecast: Euro Sheds 1.0% on QE Plans

Euro to Pound Sterling (EUR/GBP) Exchange Rate News: ECB Holds Rate Today, Announces QE

Before European Central Bank (ECB) President Mario Draghi concluded his press conference, the Euro to Pound Sterling (EUR/GBP) exchange rate fell to a fresh 7-year low.
Although the central bank left interest rates unchanged, it went on to outline an asset purchasing programme worth 60 billion Euros a month.
The duration of the plan means that the stimulus amounts to over 1 trillion Euros.
Although Germany are unlikely to be backing the development, Draghi said of the decision; ‘While the sharp fall in oil prices over recent months remains the dominant factor driving current headline inflation, the potential for second-round effects on wage and price-setting has increased and could adversely affect medium-term price developments.’
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