EUR/GBP falls from a 5-month high of 0.8754, currently trading at 0.8705. Eurozone inflation drops to 2.9% in October, while GDP for Q3 misses forecasts, contracting by 0.1%. The Bank of England is expected to keep rates unchanged at 5.25% on November 2, as traders priced in rate cuts towards the end of 2024. 8754, but has retreated after the Eurozone’s economy contracted while inflation cooled. Therefore, speculations are mounting that the European Central Bank might finish raising rates.
On the UK front, the Bank of England is expected to keep rates unchanged at a 15-year high of 5.25% on November 2. Although there are signs the economy is stagnating, inflation remains three times the BoE’s target of 2%. Money markets traders are betting the BoE is done raising rate increases, with rate cuts expected towards the end of 2024. EUR/GBP Price Analysis: Technical outlook From a daily chart perspective, the uptrend remains intact despite dipping toward the 0.8700 figure.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
– GBP/USD and EUR/GBP Technical OutlooksThe British Pound is pushing higher against the US dollar but is trading at a six-month low against the Euro.
Source: DailyFX - 🏆 305. / 63 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »