The EUR/GBP pair rises to 0.8630 in Monday’s European session.
EUR/GBP moves higher as soft inflation outlook uplifts BoE early rate cut prospects. BoE Ramsden sees inflation remaining lower than BoE’s latest forecasts. ECB Villeroy is comfortable with the central bank pivoting to rate cuts from June. The cross moves higher as investors hope that Bank of England Deputy Governor Dave Ramsden willjoin policymaker Swati Dhingra and vote for a rate cut in the upcoming monetary policy meeting on May 9.
The Services PMI is estimated to have declined slightly to 53.0 from 53.1. The Manufacturing PMI is expected to expand steadily by 50.3. Meanwhile, the Euro will remain on the tenterhooks as investors see a move by the European Central Bank to rate cuts as imminent. The ECB is projected to reduce interest rates three times this year as Eurozone inflation has softened significantly and the economic outlook is weak.
ECB BOE Inflation Interestrate
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