EUR/GBP declines to fresh year-to-date lows of 0.8295 on Friday as the Pound Sterling (GBP) appreciates against the Euro (EUR) following the release of data showing British shoppers spending extravagantly in September.
EUR/GBP falls to a new low for 2024 on Friday after Sterling strengthens following higher-than-expected UKRetail Sales. The Euro remains weak after the ECB cuts interest rates at two meetings in a row, accelerating its easing cycle. Analysts think diverging monetary policies could push EUR/GBP even lower. EUR/GBP declines to fresh year-to-date lows of 0.
“Market is now pricing in almost 175 bps of ECB rate cuts over the next twelve months that would see the policy rate bottom near 1.50% vs. 2.00% earlier this week,” it went on. On Friday, the ECB officials who spoke adopted an unambiguously dovish stance, adding fuel to the flames left by the meeting.
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