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Posted June 10th, 2016 by Charles Purdy

Bad news for the euro as Draghi suggests the currency needs more help

The euro suffered on Thursday after markets were “surprised” by candid statements from the European Central Bank’s (ECB) Mario Draghi, who suggested that the EU stands to collapse economically if its member states do not choose to support it with additional liquidity. He said the ECB would ultimately fail to repair the EU’s balance sheet if they chose not to. Draghi also added that the hesitancy on the part of investors to buy into the euro was having drastic effects on the single currency, and he called on banks and funds alike to clarify their position towards this type of investment in order to quell much of the market’s current volatility. Investor George Soros also added that a potential ‘Brexit’ would all but seal an EU collapse.

In terms of data releases, Thursday was relatively quiet, with Italian unemployment holding steady for the second month in a row, and French Non-Farm payrolls showing modest growth to 0.3%.

Key data releases on Friday come in the form of Consumer Price Index (CPI) and Wholesale Price Index (WPI) figures released from Germany, the EU’s largest economic force. Any gains seen here could see benefit. French Industrial Production figures are also due to grow, and coupled with Italian Industrial Production growth, we may some positive news for the Euro.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.

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