EUR/GBP extends post-BoE pullback to snap three-day winning streak near 0.8600 – by anilpanchal7 EURGBP BOE ECB Macroeconomics Crosses
BoE announces 0.25% rate hike, matches market forecasts but policymakers appear divided.German Factory Orders, Eurozone Retail Sales eyed ahead of a speech from BoE’s Pill for clear directions.drops 0.12% intraday as it reports the first daily loss, so far, in four days around 0.8600 heading into Friday’s European session. In doing so, the cross-currency pair extends late Thursday’s U-turn from a two-week high as market players await the key catalysts from Eurozone and the UK.
Thursday’s softer prints of the Eurozone Producer Price Index for June, the lowest in three years, with -3.4% YoY figures versus -3.1% expected and -1.6% prior , weighed on the EUR/GBP price initially ahead of theAlso contributing to the quote’s weakness could be the final readings of the bloc’s HCOB Composite PMI and Services PMI for July deteriorated while the same activity numbers for Germany improved from the initial forecasts for the said month.
It’s worth noting that the mixed comments from European Central Bank board member Fabio Panetta also weighed on the pair as he supported high interest rates for a longer time via a webinar. The policymaker, however, also added, “Inflation risks are balanced and economic activity is weak.” On the other hand, the Bank of England matched market forecasts by lifting the benchmark interest rates to the highest level in 15 years with a 0.25% increase to 5.25%. However, the policymakers appear divided with most favoring the latest move and a few backing a 0.50% rate hike while one BoE voting member backed no rate hike.Decision, Governor Andrew Bailey spoke at the press conference and ruled out the case for a 50 basis point rate rise in the latest meeting.
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