The EUR/GBP cross recovers to 0.8440 during the early European session on Friday.
EUR/GBP trades with mild gains around 0.8440 in Friday’s early European session. The BoE is anticipated to reduce its borrowing costs from a 16-year high on August 1. French and German declines in business confidence increase the probability of an ECB rate reduction. The Pound Sterling edges lower amid rising bets that the Bank of England would cut its interest rate next week. Investors are betting on a 45% chance of a quarter-point rate cut by the BoE at its upcoming policy meeting on August 1.
How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates.
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