EUR rose on the European market on Friday against a basket of global currencies, extending gains for the fifth day in a row against the dollar to a two and a half year high, according to comments by ECB President Mario Draghi on important monetary policy decisions at the next meeting in October. The GBP advanced for the fourth day in a row against the USD , hitting its highest level in five weeks, ahead of the release of significant data on UK industrial output in July, which indicates the recovery of the British economy Ne during the third quarter in 2017.
The EUR rose against the USD by 07:10 GMT to 1.2060 from the opening price of 1.2021 after recording the highest 1.2092 since January 2, 2015 and the low of 1.2017.
The EUR ended yesterday’s trading up 0.9 % against the USD , its fourth consecutive daily gain, after the ECB’s decisions and comments by the bank’s governor Mario Draghi.
At the end of its regular meeting, the bank kept its interest rate unchanged at a record low of 0 %, as well as the bond purchase program at 60 billion EUR a month.
Draghi said he is expected to keep key interest rates at current levels for a long period of time, and bond purchases will continue until the end of December.
Draghi said growth and inflation expectations remained broadly unchanged and praised the expansion of economic activity in the single region, but stressed that core inflation remained weak, which justified continued monetary stimulus.
Draghi said the central bank would reassess the bond purchase program this fall and stressed that the bank had not discussed the sequence of changes in monetary policy instruments and that most decisions would be taken at the October meeting.
The GBP rose to 1.3135 from 1.2099 by 07:20 GMT after recording the highest of 1.3149 since August 4 and the low of 1.3092.
The British pound continued its gains for a fourth straight day against the USD , hitting a five week high of 1.3149 USD, based on the greenback’s slide against most major currencies.
The pound’s rise comes ahead of the release of important data from Britain on the output of the industrial sectors, which indicates the recovery of the royal economy during the third quarter 2017, which represents more than 25 % of the strength of economic activity in the country, Economic growth during 2017 2018.
By 08:30 GMT, manufacturing production for July is expected to rise 0.3% from a rise of 0.0% in June and industrial production for the same month expected to rise 0.2% from 0.5%.
Britain’s trade balance data also released a forecast deficit of 11.9 billion GBP in July, from a deficit of 12.7 billion GBP in June