EUR/GBP recovers from the previous day’s losses, trading near 0.8650 during the early trading hours of the European session on Wednesday. The pair gai
ned strength after the release of downbeat inflation data from the United Kingdom and the solid figures of commodity inflation from Germany. revealed downbeat data, the year-over-year figure showed the inflation rose to 6.7% from the previous rate of 6.8%, which was expected to grow to 7.1%. CPI improved to 0.3% compared to the 0.7% expected, which was reported a 0.4% decline previously.
The traders of the EUR/GBP pair anticipate that the Bank of England will implement a 25 basis point interest rate hike during the upcoming meeting scheduled for Thursday. This potential rate increase by the BoE is seen as a proactive measure by the central bank to combat inflationary pressures and bring stability to the British economy.Governor Andrew Bailey has conveyed the central bank's inclination to potentially conclude its series of interest rate hikes.
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