The EUR/GBP pair bounces back strongly from 0.8530 in the European session on Friday.
EUR/GBP recovers from 0.8530 as investors shift focus to Thursday’s BoE policy decision. The ECB is expected to announce its first rate cut in June, while the BoE is expected to make a similar decision in August. The UK's inflation data, scheduled for Wednesday, will guide the Pound Sterling. The cross rebounds even though market participants anticipate that the Bank of England will start reducing interest rates after the European Central Bank .
Stournaras added that he doesn't buy the argument that the ECB cannot cut rates before the Fed and that four rate cuts in 2024 seem reasonable. Meanwhile, the Pound Sterling has come slightly under pressure as investors shift focus to the BoE’s interest rate decision, which will be announced on Thursday. The BoE is expected to keep interest rates unchanged at 5.25%. But before that, the United Kingdom’s inflation data for February will be keenly watched.
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