EUR/GBP edges lower on dovish remarks from ECB policymakers. ECB’s Villeroy has expressed confidence in the ECB's inflation target of 2%, but he has also cautioned about the increasing downside risks. BoE official Jonathan Haskel said that rate cuts should be a long way off”. EUR/GBP continues its downward movement, influenced by challenges facing the Euro following dovish comments from European Central Bank policymaker Francois Villeroy.
He said that rate cuts should be a long way off, while his colleague Catherine Mann warned against overly high expectations for interest rate cuts this year. Despite Bank of England officials expressing reluctance towards rate cuts, the British Pound may have faced downward pressure following economic data indicating that the United Kingdom’s economy entered a recession in the second half of 2023. The nation's Gross Domestic Product contracted by 0.
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