The EUR/GBP cross extends its decline near 0.8485 during the early European trading hours on Friday.
EUR/GBP trades in negative territory near 0.8485 in Friday’s early European session. The preliminary UK August PMI data was better than expected, pushing back the expectation of a BoE rate cut. Investors expecttwo more rate cuts from theEuropean Central Bank this year. The lower bets that the Bank of England will cut the interest rate in September after the upbeat Purchasing Managers' Index reports provide some support to the Pound Sterling and drag the cross lower.
Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England . How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England.
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