The EUR/GBP rallied on Thursday as the cross-pair trimmed last Wednesday’s losses, climbing past the 200-day moving average (DMA) of 0.8694. At the ti
EUR/GBP has climbed past the 200-day moving average of 0.8694. Market sentiment worsened with the Middle East conflict escalation and dovish remarks from Fed Chair Jerome Powell. The Eurozone economic docket was light, with a positive ZEW Economic Sentiment report and decelerating HICP figures. UK inflation report shows a challenging environment for the BoE, with risks of stagflation. me of writing, the pair is exchanging hands at 0.8715, gaining 0.01% as the Asian session begins.
Meanwhile, some European Central Bank officials shifted from a hawkish stance to a neutral one amid fears that the EU could suffer a recession. ECB policymakers adopted a data-dependent stance, following the Fed’s footsteps. On the UK front, the latest inflation report at 6.7% YoY showed the BoE’s job is not easy. The risks of a stagflationary scenario arose, although the Gross Domestic Product for a 3-month average, climbed from -0.6% to 0.2%.
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