The EUR/GBP pair is struck in a tight range around 0.8580 after a slight correction from the crucial resistance of 0.8600.
EUR/GBP trades sideways below 0.8600 as investors reassess BoE’s rate cut expectations. BoE Mann warned that investors are expecting too many rate cuts. ECB Muller said the central bank is at a point where it can start reducing interest rates. The cross is expected to move high as the United Kingdom’s softer-than-expected inflation data for February has revamped market expectations for the Bank of England reducing interest rates from the June meeting.
In addition, BoE policymaker Catherine Mann, who remained a hawk among the nine-member-led Monetary Policy Committee team, surprisingly voted for a steady interest rate decision. In Tuesday’s European session, Catherine Mann clarified that she “Changed her vote on rates due to consumers disciplining firms pricing, changing dynamic in labor markets and financial market curve.” However, Mann warned that markets are pricing in too many rate cuts.
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