EUR/GBP retraces its gains registered in the previous session, hovering around 0.8550 during the early European hours on Monday.
EUR/GBP edges lower on dovish comments made by ECB members. ECB’s Yannis Stournaras hinted four rate cuts, amounting to a reduction of 100 bps, could take place in 2024. The Bank of England could initiate three quarter-point rate reductions in 2024. European Central Bank Governing Council member Yannis Stournaras suggested on Sunday that a total of four interest rate cuts could occur in 2024, resulting in a total reduction of 100 basis points by year-end.
With a dearth of high-impact data expected from the United Kingdom throughout the week, traders are anticipated to assess the UK economic landscape by closely observing indicators such as Nationwide Housing Prices, S&P Global PMI, and Halifax House Prices data, which are scheduled for release during the week. ECB policymaker Robert Holzmann stated that interest rate cuts are likely to come, but it will depend on what wage and price developments look like by June.
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