EUR/GBP halts two days of losses, trading around 0.8420 during the Asian session on Tuesday.
EUR/GBP gains ground ahead of the release of GDP data from the Eurozone and Germany . Germany ’s CPI is forecasted to rise by 0.2% MoM in July, compared to June’s 0.1% reading. UK Chancellor Rachel Reeves delivered a series of spending cuts in her first Parliament statement. The Euro appreciates ahead of Gross Domestic Product data from the Eurozone and Germany for the second quarter on Tuesday. Germany will also release the Consumer Price Index for July.
The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year.
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