EUR/GBP Rises To Near 0.8570 Amid Expectations Of Rate Cuts By Major Central Banks
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- EUR/GBP continues its winning streak amid possible rate cuts by major central banks.
- The Pound Sterling faces challenges as the BoE is expected to initiate rate cuts in June, with odds standing at 66%.
- ECB's Pablo Hernandez stated that recent inflation data aligns with the central bank's mandate of achieving its inflation objective.
EUR/GBP continues its winning streak that began on March 29, climbing to near 0.8570 during the European trading hours on Thursday. The easing of global inflationary pressures has led to speculation about potential interest rate cuts by central banks.
Money market futures traders are anticipating a 25 basis point rate cut by the Bank of England (BoE) in June, with odds currently standing at 66%. On the other side, the Eurozone annual rate of inflation declined more than expected in March, prompting speculation that the European Central Bank (ECB) may cut interest rates in June.
On Wednesday, the Eurozone Harmonized Index of Consumer Prices (HICP) for March was reported at a year-over-year rate of 2.4%, missing the market estimation of an unchanged 2.6% rise in the reported period.
BoE Governor Andrew Bailey has recently commented that, with further encouraging signs indicating a cooling inflation trend, the UK economy is moving towards a point where the central bank could consider interest rate cuts. ECB policymaker Pablo Hernandez de Cos stated on Wednesday that he is not explicitly providing forecasts on future monetary policy. However, he mentioned that recent inflation data is in line with the central bank's mandate of achieving its inflation objective.
Pablo Hernandez also mentioned that the ECB could begin cutting interest rates in June due to a sustained slowdown in inflation across the bloc. Additionally, ECB policymaker Robert Holzmann remarked that the central bank might initiate interest rate cuts in June, as inflation could decline more rapidly than initially anticipated.
EUR/GBP
OVERVIEW | |
---|---|
Today last price | 0.8574 |
Today Daily Change | 0.0010 |
Today Daily Change % | 0.12 |
Today daily open | 0.8564 |
TRENDS | |
---|---|
Daily SMA20 | 0.8552 |
Daily SMA50 | 0.8548 |
Daily SMA100 | 0.8589 |
Daily SMA200 | 0.8607 |
LEVELS | |
---|---|
Previous Daily High | 0.8582 |
Previous Daily Low | 0.8557 |
Previous Weekly High | 0.8593 |
Previous Weekly Low | 0.853 |
Previous Monthly High | 0.8602 |
Previous Monthly Low | 0.8504 |
Daily Fibonacci 38.2% | 0.8573 |
Daily Fibonacci 61.8% | 0.8567 |
Daily Pivot Point S1 | 0.8553 |
Daily Pivot Point S2 | 0.8543 |
Daily Pivot Point S3 | 0.8528 |
Daily Pivot Point R1 | 0.8579 |
Daily Pivot Point R2 | 0.8593 |
Daily Pivot Point R3 | 0.8604 |
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