EUR/GBP sits near its highest level since September, just below 0.8900 ahead of BoE/ECB – by hareshmenghani EURGBP ECB Finland BOE Currencies
Expectations for additional jumbo rate hikes by the ECB continue to underpin the Euro.Traders now seem reluctant as the focus shifts to the BoE and the ECB policy decisions.cross gains traction for the fourth successive day and climbs to the 0.8900 neighbourhood or its highest level since late September on Thursday.the European Central Bank
in the coming months. The bets were reaffirmed by the recent hawkish commentary by several ECB officials, which, in turn, acts as a tailwind for the EUR/GBP cross. The British Pound's relative underperformance could further be attributed to speculations that theThat said, the prevalent US Dollar selling bias lends some support to the Sterling Pound.
Both the BoE and the ECB are scheduled to announce their policy decisions during the mid-European session this Thursday. The market focus, however, will be on clues about the future rate hike path, which will determine the next leg of a directional move for the EUR/GBP cross. Nevertheless, the fundamental backdrop favours bullish traders, though a sustained move beyond the 0.8900 round-figure mark is needed to support prospects for a further near-term appreciating move.
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