EUR/GBP moves further away from YTD low after Lagarde’s remarks, lacks follow-through – by hareshmenghani EURGBP ECB Inflation BOE Currencies
EUR/GBP gains positive traction on Thursday and snaps a four-day losing streak to the YTD low.The intraday uptick seems rather unaffected by softer-than-expected Eurozone consumer inflation.cross attracts some buyers near the 0.8585-0.8580 region on Thursday and for now, seems to have snapped a four-day losing streak to a fresh YTD low touched the previous day. Spot prices add to the modest intraday gains and climb back above the 0.
officials, backing the case for additional rate hikes in the coming months, and assists the EUR/GBP cross to gain some positive traction. The bets were reaffirmed by ECB President Christine Lagarde on Thursday, saying that we need to continue our hiking cycle until we are sufficiently confident that inflation is on track to return to our target in a timely manner.
This, to a larger extent, overshadows softer-than-expected Eurozone consumer inflation figures. In fact, the latest data published by Eurostat showed that the annualHarmonised Index of Consumer Prices decelerated from the 7.0% YoY rate to 6.1% in May, missing consensus estimates for a reading of 6.3%. Furthermore, the Core HICP inflation dropped to 5.3% YoY in May as against market expectations for a modest downtick to 5.5% from the 5.6% in the previous month.
The upside potential for the EUR/GBP cross, meanwhile, seems limited amid expectations for further policy tightening by the Bank of England , which might continue to underpin the. In fact, the markets now predict the interest rate in the UK to reach 5.5% by the autumn and the bets were lifted by stronger UK consumer inflation figures released last week. This, in turn, warrants some caution before positioning for any meaningful appreciating move for the cross.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/GBP remains depressed below mid-0.8600s, hangs near YTD low after German CPIThe EUR/GBP cross prolongs its bearish trend for the fourth successive day and drops to a fresh YTD low during the first half of trading on Wednesday.
Read more »
EUR/GBP drops to new 2023 lows around 0.8630Further strength in the British pound dragged EUR/GBP to new YTD lows in the 0.8630/25 band on Tuesday. EUR/GBP weaker on GBP-buying EUR/GBP retreats
Read more »
EUR/GBP aims to stretch recovery above 0.8650 ahead of preliminary Eurozone InflationThe EUR/GBP pair is aiming to extend its recovery from 0.8630 above the immediate resistance of 0.8650 in the early Tokyo session. The cross is gettin
Read more »
EUR/GBP drops below 0.8600 after German dataThe Euro lost ground against the US Dollar, Japanese Yen and the Sterling Pound on Wednesday following inflation data from Germany and Spain which cam
Read more »
EUR/GBP shifts below 0.8600 as German Deflation fades longer-term hawkish ECB betsThe EUR/GBP pair has shifted its auction below the round-level support of 0.8600 after a perpendicular sell-off in the Asian session. The cross was he
Read more »
35% Plugin Vehicle Market Share In China! (China EV Sales Report) - CleanTechnicaPlugin vehicles are all the rage in the Chinese auto market. Plugins scored over half a million sales last month, up 93% year over year (YoY). That pulled the year-to-date (YTD) tally to over 1.9 million units. Share-wise, with April showing another great performance, plugin vehicles hit 35% market share! Full electrics (BEVs) alone accounted […]
Read more »