EUR/GBP weakens to 0.8470 in Wednesday’s early European session. The uncertainty surrounding UK general elections and the BoE's rate cuts might cap the upside of GBP. Investors await the Eurozone PMI data for June and the ECB’s Lagarde speech on Wednesday. The softer inflation in the Eurozone in June has spurred the hopes that the European Central Bank will cut interest rates again this year, which exerts some selling pressure on the Euro .
The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year.
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