The EUR/GBP cross faces some follow-through selling during the early European session on Wednesday. The stronger-than-expected UK inflation data boost
EUR/GBP loses traction to 0.8670 after the upbeat UK inflation data. The UK inflation figures for September came in better than the market consensus. EU's ZEW Economic Sentiment Survey came in at 2.3 vs.-8.9 prior, better than expected. Traders await the Eurozone Consumer Price Index , ECB's President Lagarde's speech on Wednesday. s the British Pound and exerts some pressure on the EUR/GBP cross. The cross currently trades around 0.8682, up 0.01% on the day.
On the other hand, European Central Bank President Christine Lagarde said that the ECB is keeping an eye on oil prices and the Israel-Hamas conflict for inflation risks. Meanwhile, the ECB's chief economist, Philip Lane, stated that interest rates would remain high until inflation returns to 2%, which may take longer than anticipated due to several factors. About the data on Tuesday, the EU's ZEW Economic Sentiment Survey came in at 2.3 in October from an 8.
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