EUR/GBP clings to 0.8700, fades recovery ahead of EU/UK inflation data – by anilpanchal7 EURGBP Inflation RiskAppetite BOE ECB
BOE’s commentary, UK’s political jitters weigh on GBP ahead of the key UK CPI.Risk of further upside appears minimal as BOE announces gilt operations.
EUR/GBP buyers struggle with a short-term key hurdle surrounding the 0.8700 threshold ahead of the key inflation data from the UK and the Eurozone on Thursday. In doing so, the cross-currency pair fades the week-start bounce off the 100-DMA amid mixed clues. The UK-inspired optimism appears to fade amid a fresh political plot to topple Prime Minister Liz Truss and recall the ex-leader Boris Johnson. Even so, Reuters mentioned that British Prime Minister Liz Truss warned of tough times ahead after she scrapped her vast tax-cutting plan and said she would carry on to try to put the economy on a stronger footing, defying calls for her resignation.
Talking about the data, the latest updates from Reuters mentioned that the UK’s Federation of Small Businesses , a trade body, said its latest small business confidence index fell to -35.9 from -24.7, the worst reading outside of COVID-19 lockdowns. On the other hand, numbers from the bloc were firmer and helped the regional currency amid hawkish comments from
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