The Euro was the biggest loser of the three this week giving up almost 2% against the pound and 1.5% against the US Dollar. The majority of this move followed the European Central Bank meeting press conference with President Draghi. After initially confirming the ECB council did not discuss extending the QE program leading to a jump in the Euro value, he quickly undid this work by confirming that they did not discuss tapering the program either. He has also left the door open to further easing if necessary and suggested that a rise in inflation will only happen with very substantial monetary accommodation.
The pound had already made a modest recovery following strong inflation figures and a positive jobs report earlier in the week. News from the high court that parliament are likely to get a vote on triggering article 50 reducing the possibility of ‘hard’ Brexit also helped the Pound find favour.